Alice Beagley, the Bank’s Museum Officer has written about why the Bank of England was founded:

Ever wondered what led to our foundation in 1694? Here’s a quick explanation.

In short:

The Bank was founded because Charles II didn’t repay the debts he owed to goldsmiths.

“Hang on a minute,” I hear you say. “Charles II wasn’t even on the throne in 1694… what on earth has he got to do with any of it? And goldsmiths? Aren’t they a chain of high street jewellers.

Read: Why was the Bank of England founded?

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This item originally featured in Northey Point’s fortnightly update on the latest developments at Pay.UK, PSR, BoE, HMT, FCA and Open Banking.