The Old Lady of Threadneedle Street
Bank of England, officially known as Governor and Company of The Bank of England is the UK’s central bank. Bank of England is one of the oldest financial institutions in the world and is used as the primary model forming most major central banks. Having been established in sixteen ninety four, The Old Lady as it is colloquially known, is also the second oldest central bank in the world. Overall, Bank of England is the eighth oldest bank in history.
Bank of England’s headquarters are situated on Threadneedle St, in the City of London. The institution has been based at this address since seventeen thirty four. At the moment, Bank of England is governed by a Canadian gentleman named Mark Carney. Because Mr Carney is a Canadian national, he will serve a prelim five year period instead of the traditional eight year governing period, after which he will apply for a UK citizenship in order to assume proper control over the bank.
Bank of England came to be as the result of the crushing French defeat over the British in the sixteen ninety naval Battle of Beachy Head. After that The Crown decided to rebuilt England as a world power and set the country permanently on the world stage. For this to happen though, the government needed lots of money, which was unavailable therefore the bank was formed in order to stimulate conscription to the massive loan needed for this ambitious undertaking. On paper, there was one point two million pounds needed, which had to be borrowed at eight percent interest rate – something unachievable without Bank of England.
As mentioned the bank is based in a location on Threadneedle Street, in the City of London (professional man and van companies are familiar with the high-powered tenants occupying most of the buildings in the area). The street’s unusual name in fact has nothing to do with threading needles or sawing in general. Many historians believe the etymology of the name Threadneedle comes from the old Anglo-Saxon word threadn – meaning to prosper (indeed a suitable street name for Bank of England’s main building). There are also other theories on how the name originated, but they this particular one seems most befitting for a bank.
Threadneedle St is also home to many shops, restaurants and other financial institutions of high importance. Man and van companies which service this part of Central London perhaps know that not many businesses and offices located here move premises a lot as this is considered a prime business location in the city. Threadneedle St was also the final stop of London’s first ever public bus service/route running from Threadneedle St to Paddington and back.
Another important historic fact about Threadneedle St is the first ever singing and playing of the British national anthem. However this happened in private, at the Merchant Taylor’s Hall in sixteen o seven. The performance was conducted by John Bull.
The street is also home to London quarters of the oldest merchant bank in the world – Berenberg Bank, situated at 60 Threadneedle St.