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Published in:
2016 | OriginalPaper | Chapter
Bank of England
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The primary motivation for the establishment of the Bank of England was the need to raise funds to help the government finance the then current war against France, although the view had also developed that a bank could help to ‘stabilize’ financial activity in London given periodic fluctuations in the availability of currency and credit. An original proposal by William Paterson in 1693 for a government ‘fund of perpetual interest’ was turned down in favour of another proposal by Paterson in 1694 to establish a company known as the Governor and Company of the Bank of England, whose capital, once raised, would be lent in its entirety to the government.