Overview

Bank Charter Act


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1844.

The culmination of government efforts to create an effective legal framework to achieve a stable currency, the Act defined the roles of the Bank of England. One department had the exclusive duty of issuing notes having a minimum value of £5 as legal tender in England and Wales. The other department undertook banking business, with powers which included fixing the minimum cost (interest) of borrowing money.

Subjects: British History.


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