Who Owns the Bank of England ?
19 May 2010, 10:03 PM
#1
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Who Owns the Bank of England ?
The bank of England printed money to help with the quantitative easing, from what I gather the government pays interest on this money, if this is really the case then how come the governemnt does not just print money itself ?
Does the bank of England ever publish accounts and reveal its books to anyone ? Does it make profit ?
If so who are are the shareholders and who makes the money ?
Does the bank of England ever publish accounts and reveal its books to anyone ? Does it make profit ?
If so who are are the shareholders and who makes the money ?
19 May 2010, 10:09 PM
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The Bank of England is owned by Her Majesty’s Government.
From Bank of England website
“As a public organisation, wholly-owned by Government, and with a significant public policy role, the Bank is accountable to Parliament”
Bank of England
The Bank of England was set up by, ironically, a Scotsman – William Paterson. It was initially a private bank in 1694 acting as lender to the Government.
The Bank was given a Royal Charter, and in 1844, the Bank Charter Act gave the Bank of England sole right to issue notes and coins.
The Bank of England was nationalised in 1946. (Nationalisation means government takes ownership)
In 1997, the Bank of England was given independence over Monetary Policy.
From Bank of England website
“As a public organisation, wholly-owned by Government, and with a significant public policy role, the Bank is accountable to Parliament”
Bank of England
The Bank of England was set up by, ironically, a Scotsman – William Paterson. It was initially a private bank in 1694 acting as lender to the Government.
The Bank was given a Royal Charter, and in 1844, the Bank Charter Act gave the Bank of England sole right to issue notes and coins.
The Bank of England was nationalised in 1946. (Nationalisation means government takes ownership)
In 1997, the Bank of England was given independence over Monetary Policy.
The Bank of England is the central bank of the United Kingdom and was established as a corporate body by Royal Charter under the Bank of England Act 1694. The Bank was nationalised on 1 March 1946, and gained operational independence to set interest rates in 1997 (the Bank of England Act 1998 Part II sets out the responsibilities and objectives of the Bank in relation to monetary policy).
The Bank is a public sector institution, wholly-owned by the government, but accountable to Parliament. The entire capital of the Bank is, in fact, held by the Treasury solicitor on behalf of HM Treasury. Each year, the Bank is required to submit its Report and Accounts to Parliament, via the Chancellor of the Exchequer. For more information you may be interested to see the Bank’s latest Report and Accounts, which can be found on our website at:
http://www.bankofengland.co.uk/publi...port/index.htm
As to the supposed ‘Rothschild’ connection, I don’t know why people should think that the family own us. But a number of the Rothschilds have served on the Bank’s Court of Directors over the years.
The Bank is a public sector institution, wholly-owned by the government, but accountable to Parliament. The entire capital of the Bank is, in fact, held by the Treasury solicitor on behalf of HM Treasury. Each year, the Bank is required to submit its Report and Accounts to Parliament, via the Chancellor of the Exchequer. For more information you may be interested to see the Bank’s latest Report and Accounts, which can be found on our website at:
http://www.bankofengland.co.uk/publi...port/index.htm
As to the supposed ‘Rothschild’ connection, I don’t know why people should think that the family own us. But a number of the Rothschilds have served on the Bank’s Court of Directors over the years.
20 May 2010, 11:57 AM
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The amount of money in circulation should represent the worth of the country and the amount of profitable industry etc.
When the government starts relying on selling bonds to keep going on which it has to pay interest of course, it is equivalent to printing extra cash which will de-value automatically according to the decline in the nation's worth. Printing extra cash is a fast way to inflation, like Zimbabwe, which is an extreme example of course.
All the above is an interpretation as was described to me once and will doubtless be corrected by those who know a lot more than I do about high finance.
Les
When the government starts relying on selling bonds to keep going on which it has to pay interest of course, it is equivalent to printing extra cash which will de-value automatically according to the decline in the nation's worth. Printing extra cash is a fast way to inflation, like Zimbabwe, which is an extreme example of course.
All the above is an interpretation as was described to me once and will doubtless be corrected by those who know a lot more than I do about high finance.
Les
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