1694day.year
A Royal charter is granted to the Bank of England.
In 1694, a royal charter established the Bank of England as the central bank of the Kingdom of England.
The Bank of England received its royal charter on July 27, 1694, at the behest of William III's government to raise funds for war against France. It became England's first permanent joint-stock bank, empowered to issue notes and lend money to the Crown. Investors subscribed capital, receiving bank stock that paid interest from government revenues. The institution's creation marked a major advancement in public finance and fiscal stability. Over time, the Bank of England assumed the role of lender of last resort and laid the groundwork for modern central banking practices. Its establishment also facilitated expansion of credit and commerce, shaping Britain’s rise as a financial powerhouse.
1694
Royal charter
Bank of England