1 jul 1844 ano - Bank Charter Act passed

Descrição:

Some banks had been over-issuing notes and would then collapse due to insufficient gold reserves to back the paper currency. The Act aimed to maintain a stable banking and currency by restricting the issue of bank notes. Existing banks were limited to their average issue of notes and the Bank of England was given greater control over bank note issue. No new banks were allowed to issue notes

Peel introduced the Gold Standard to protect the currency (lasted until 1931). Serious restrictions were also placed on credit. This was the starting point of the modern methods used to control a stabilised economy.

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