The Bank Charter Act 1844, sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892.
Bank Act of 1844
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank.
The Bank of England building
Handwritten banknote dated 1697, signed 'for the Governor and Company of the Bank of England' by 2nd Cashier Robert Hedges.
Charles Montagu played a key role in devising the legislation for establishing the Bank and steering it through the House of Commons.
Sealing of the Bank of England Charter (1694), by Lady Jane Lindsay, 1905