jul 27, 1694 - The Bank of England is founded through Royal charter by the Whig-dominated Parliament of England, following a proposal by Scottish merchant William Paterson to raise capital, by offering safe and steady returns of interest guaranteed by future taxes. A total of £1.2 million is raised for the war effort against Louis XIV of France by the end of the year, to establish the first-ever government debt
Added to timeline:
Date:
jul 27, 1694
Now
~ 330 years ago
