Back to the Stuarts calendar
The Bank of England is established to manage mounting debts
England had accrued a considerable national debt on the back of William III's expensive wars. Scottish merchant William Paterson proposed the plan
for the Bank of England to assist the Crown in managing its debt in 1691. The Bank was established by Charles Montagu in 1694. It became the national reserve,
and in 1697 its position of prominence was secured when parliament forbade the formation of any further joint-stock banks in England. The bank has issued bank
notes since 1694. A separate Bank of Scotland was established in 1695.
Forward to 1697AD
