University of Edinburgh
The University of Edinburgh, founded in 1582, is the sixth oldest university in the English-speaking world and one of Scotland's ancient universities. The university has five main campuses in the city of Edinburgh, with many of the buildings in the historic Old Town belonging to the university; the university played an important role in leading Edinburgh to its reputation as a chief intellectual centre during the Age of Enlightenment, helped give the city the nickname of the Athens of the North. The University of Edinburgh is ranked 18th in the world by the 2019 QS World University Rankings, it is ranked as the 6th best university in Europe by the U. S. News' Best Global Universities Ranking, 7th best in Europe by the Times Higher Education Ranking; the Research Excellence Framework, a research ranking used by the UK government to determine future research funding, ranked Edinburgh 4th in the UK for research power, 11th overall. It is ranked the 78th most employable university in the world by the 2017 Global Employability University Ranking.
It is a member of both the Russell Group, the League of European Research Universities, a consortium of 21 research universities in Europe. It has the third largest endowment of any university in the United Kingdom, after the universities of Cambridge and Oxford; the annual income of the institution for 2017–18 was £949.0 million of which £279.7 million was from research grants and contracts, with an expenditure of £931.3 million. Alumni of the university include some of the major figures of modern history, including 3 signatories of the American declaration of independence and 9 heads of state; as of March 2019, Edinburgh's alumni, faculty members and researches include 19 Nobel laureates, 3 Turing Award laureates, 1 Fields Medalist, 1 Abel Prize winner, 2 Pulitzer Prize winners, 2 currently-sitting UK Supreme Court Justices, several Olympic gold medallists. It continues to have links to the British Royal Family, having had the Duke of Edinburgh as its Chancellor from 1953 to 2010 and Princess Anne since 2011.
Edinburgh receives 60,000 applications every year, making it the second most popular university in the UK by volume of applications. It has 4th highest average UCAS entry tariff in Scotland, 5th overall in the UK. Founded by the Edinburgh Town Council, the university began life as a college of law using part of a legacy left by a graduate of the University of St Andrews, Bishop Robert Reid of St Magnus Cathedral, Orkney. Through efforts by the Town Council and Ministers of the City the institution broadened in scope and became formally established as a college by a Royal Charter, granted by King James VI of Scotland on 14 April 1582 after the petitioning of the Council; this was unprecedented in newly Presbyterian Scotland, as older universities in Scotland had been established through Papal bulls. Established as the "Tounis College", it opened its doors to students in October 1583. Instruction began under the charge of another St Andrews graduate Robert Rollock, it was the fourth Scottish university in a period when the richer and much more populous England had only two.
It was renamed King James's College in 1617. By the 18th century, the university was a leading centre of the Scottish Enlightenment. In 1762, Reverend Hugh Blair was appointed by King George III as the first Regius Professor of Rhetoric and Belles-Lettres; this formalised literature as a subject at the university and the foundation of the English Literature department, making Edinburgh the oldest centre of literary education in Britain. Before the building of Old College to plans by Robert Adam implemented after the Napoleonic Wars by the architect William Henry Playfair, the University of Edinburgh existed in a hotchpotch of buildings from its establishment until the early 19th century; the university's first custom-built building was the Old College, now Edinburgh Law School, situated on South Bridge. Its first forte in teaching was anatomy and the developing science of surgery, from which it expanded into many other subjects. From the basement of a nearby house ran the anatomy tunnel corridor.
It went under what was North College Street, under the university buildings until it reached the university's anatomy lecture theatre, delivering bodies for dissection. It was from this tunnel. Towards the end of the 19th century, Old College was becoming overcrowded and Sir Robert Rowand Anderson was commissioned to design new Medical School premises in 1875; the design incorporated a Graduation Hall, but this was seen as too ambitious. A separate building was constructed for the purpose, the McEwan Hall designed by Anderson, after funds were donated by the brewer and politician Sir William McEwan in 1894, it was presented to the University in 1897. New College was opened in 1846 as a Free Church of Scotland college of the United Free Church of Scotland. Since the 1930s it has been the home of the School of Divinity. Prior to the 1929 reunion of the Church of Scotland, candidates for the ministry in the United Free Church studied at New College, whilst candidates for the old Church of Scotland studied in the Divinity Faculty of the University of Edinburgh.
During the 1930s the two institutions came together. By the end of the 1950s, there were around 7,000 students matriculating annually. An Edinburgh Students' Representative Council was founded in 1884 by student Robert Fitzroy Bell. In 1889, the SRC voted to be housed in Teviot Row House; the Edinburgh University Sports Union, founded in 1866. The Edinburgh
Aviva plc is a British multinational insurance company headquartered in London, United Kingdom. It has about 33 million customers across 16 countries. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva has a focus on the markets in Europe and in Asia and, in particular, on the growth markets of China and South East Asia. Aviva is the second largest general insurer in Canada. Aviva has a primary listing on the London Stock Exchange, is a constituent of the FTSE 100 Index; the name of the company upon its formation in May 2000 was CGNU plc. In April 2002, the company's shareholders voted to change the company name to "Aviva plc", an invented palindrome word derived from "viva", the Latin for'alive' and designed to be short and work worldwide. In April 2008, Aviva announced that it would adopt the "Aviva" name as its worldwide consumer facing brand, that the Norwich Union brand would be phased out in the United Kingdom. Aviva can trace its history back to the establishment of the Hand in Hand Fire & Life Insurance Society in London in 1696.
It was created by a merger of two British insurance firms, Norwich Union and CGU plc as CGNU in February 2000. The Aviva name was adopted in July 2002. Thereafter, most of the group operations, except for some strong local brands, were carried out under the uniform brand "Aviva". During March 2005, Aviva acquired the RAC plc breakdown recovery operation for around £1.1 billion. In July 2006, Aviva increased its presence in the United States by acquiring AmerUs Group, a Des Moines based financial services company founded in 1896 in a $2.9 billion deal. The company continued to use the Norwich Union name as a trading name in the United Kingdom until 1 June 2009, when it became formally known as Aviva within the United Kingdom; the launch was supported by a £9 million advertising campaign to promote the rebranding, with the participation of celebrities including Bruce Willis and Alice Cooper. In June 2009, the company decided to dispose of Navigator, its Australian wealth management business, to National Australia Bank for A$825 million.
In October 2009, the company decided to focus on its commercial insurance sector and demonstrate its commitment to brokers by launching their'find a broker' facility, using the British Insurance Brokers Association search engine. To help them with this endeavour, Paul Whitehouse was recruited to play the part of a successful hairdresser running three salons; the message of the campaign focused on business insurance through insurance brokers. In September 2011, Aviva completed the sale of RAC plc breakdown recovery operation for £1.0 billion to The Carlyle Group. In February 2012, Aviva sold its occupational health business to the British support services company Capita. In July 2012, Aviva announced plans to sell or close 16 non core businesses in order to simplify its activities and boost shareholder returns; as part of the plans Aviva announced the sale of its operations in South Korea and the closure to new business of its bulk buying annuity unit in the United Kingdom. In August 2012, Aviva announced that up to 800 jobs would be lost, following a reorganization caused by further turmoil in the Eurozone.
In December 2012, Aviva agreed to sell Aviva USA Corporation to Athene Holding for US$1.8 billion as part of a plan to improve shareholder returns and reduce the group's capital requirements. Athene subsequently sold the life insurance business of Aviva to Global Atlantic. On 13 April 2015, Aviva completed the £5.6 billion all share takeover of Friends Life Group. Andy Briggs, current group chief executive of Friends Life, became CEO of Aviva UK Life, with Mark Wilson continuing as CEO of the enlarged Aviva Group. In July 2016, Aviva froze withdrawals from the Aviva Investors Property Trust after announcing a lack of liquidity. In September 2017, Aviva agreed to sell its Italian joint venture Avipop Assicurazioni to Banco BPM for US$312.01 million. In March 2018, controversially, announced that it "had the ability" to cancel its irredeemable preference shares at par; this caused a wider sell off in the preference share market in the United Kingdom. In March 2018 the company announced to spend around £600 million on so called "bolt on" acquisitions, that are in "Poland, anywhere we have existing markets".
In October 2018, Mark Wilson agreed to step down as CEO with immediate effect, with Adrian Montague taking interim control of the company, pending Wilson's formal departure in 2019. Maurice Tulloch was appointed CEO in March 2019. Aviva's main activities are the provision of general and life insurance, long term savings products and fund management services; the group has 33 million customers. Aviva Investors has £289.9 billion assets under management. Following the completion of Friends Life Group Limited in April 2015, Friends Provident International Limited is now part of the Aviva Group. CEO Richard Harvey retired on 11 July 2007, his successor was the former group finance director. Moss was paid an annual base salary of £925,000 for his role as Chief Executive. Moss resigned on 8 May 2012, after shareholders voted down a proposed senior management pay deal which would have seen Moss increase his basic pay by 5% despite several years of Aviva underperformance. Following the departure of Aviva's CEO, Andrew Moss, McFarlane assumed the role of executive deputy chairman and became executive chairman on 1 July 2012.
On 20 November 2012, Aviva announced that Mark Wilson had been appointed CEO, starting 1 January 2013. On 12 September 2014, Aviva announced that Sir Adrian Montague would bec
The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group, the chairman presides over meetings of the assembled group and conducts its business in an orderly fashion. In some organizations, the chairman position is called president, in others, where a board appoints a president, the two different terms are used for distinctly different positions. Other terms sometimes used for the office and its holder include chair, chairwoman, presiding officer, moderator and convenor; the chairman of a parliamentary chamber is called the speaker. The term chair is sometimes used in lieu of chairman, in response to criticisms that using chairman is sexist, it is used today, has been used as a substitute for chairman since the middle of the 17th century, with its earliest citation in the Oxford English Dictionary dated 1658–1659, only four years after the first citation for chairman.
Major dictionaries state that the word derives from a person. A 1994 Canadian study found the Toronto Star newspaper referring to most presiding men as "chairman", to most presiding women as "chairperson" or as "chairwoman"; the Chronicle of Higher Education uses "chairman" for men and "chairperson" for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times and chairwoman 68 times; the National Association of Parliamentarians adopted a resolution in 1975 discouraging the use of “chairperson” and rescinded it in 2017. The Wall Street Journal, The New York Times and United Press International all use "chairwoman" or "chairman" when referring to women, forbid use of "chair" or of "chairperson" except in direct quotations. In World Schools Style debating, male chairs are called "Mr. Chairman" and female chairs are called "Madame Chair"; the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using "chair" or "chairperson", rather than "chairman".
The Oxford Dictionary of American Usage and Style suggests that the gender-neutral forms are gaining ground. It advocates using "chair" to refer both to women; the Telegraph style guide bans the use of both "Chair" and "Chairperson" on the basis that "Chairman" is correct English. The word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be "in the chair" and is referred to as "the chair". Parliamentary procedure requires that members address the "chair" as "Mr. Chairman" rather than using a name – one of many customs intended to maintain the presiding officer's impartiality and to ensure an objective and impersonal approach. In the United States, the presiding officer of the lower house of a legislative body, such as the House of Representatives, is titled the Speaker, while the upper house, such as the Senate, is chaired by a President. In his 1992 State of the Union address, then-U.
S. President George H. W. Bush used "chairman" for men and "chair" for women. In the British music hall tradition, the Chairman was the master of ceremonies who announced the performances and was responsible for controlling any rowdy elements in the audience; the role was popularised on British TV in the 1960s and 1970s by Leonard Sachs, the Chairman on the variety show The Good Old Days."Chairman" as a quasi-title gained particular resonance when socialist states from 1917 onward shunned more traditional leadership labels and stressed the collective control of soviets by beginning to refer to executive figureheads as "Chairman of the X Committee". Vladimir Lenin, for example functioned as the head of Soviet Russia not as tsar or as president but in roles such as "Chairman of the Council of People's Commissars of the Russian SFSR". Note in particular the popular standard method for referring to Mao Zedong: "Chairman Mao". In addition to the administrative or executive duties in organizations, the chairman has the duties of presiding over meetings.
Such duties at meetings include: Calling the meeting to order Determining if a quorum is present Announcing the items on the order of business or agenda as they come up Recognition of members to have the floor Enforcing the rules of the group Putting questions to a vote Adjourning the meetingWhile presiding, the chairman should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group. In committees or small boards, the chairman votes along with the other members. However, in assemblies or larger boards, the chairman should vote only when it can affect the result. At a meeting, the chairman only has one vote; the powers of the chairman vary across organizations. In some organizations the chairman has the authority to hire staff and make financial decisions, while in others the chairman only makes recommendations to a board of directors, still others the chairman has no executive powers and is a spokesman for the organization; the amount of power given to the chairman depends on the type of organization, its structure, the rules it has created for itself.
If the chairman exceeds the given authority, engages in misconduct, or fails to perform t
Scotland is a country, part of the United Kingdom. Sharing a border with England to the southeast, Scotland is otherwise surrounded by the Atlantic Ocean to the north and west, by the North Sea to the northeast and by the Irish Sea to the south. In addition to the mainland, situated on the northern third of the island of Great Britain, Scotland has over 790 islands, including the Northern Isles and the Hebrides; the Kingdom of Scotland emerged as an independent sovereign state in the Early Middle Ages and continued to exist until 1707. By inheritance in 1603, James VI, King of Scots, became King of England and King of Ireland, thus forming a personal union of the three kingdoms. Scotland subsequently entered into a political union with the Kingdom of England on 1 May 1707 to create the new Kingdom of Great Britain; the union created a new Parliament of Great Britain, which succeeded both the Parliament of Scotland and the Parliament of England. In 1801, the Kingdom of Great Britain and Kingdom of Ireland enacted a political union to create a United Kingdom.
The majority of Ireland subsequently seceded from the UK in 1922. Within Scotland, the monarchy of the United Kingdom has continued to use a variety of styles and other royal symbols of statehood specific to the pre-union Kingdom of Scotland; the legal system within Scotland has remained separate from those of England and Wales and Northern Ireland. The continued existence of legal, educational and other institutions distinct from those in the remainder of the UK have all contributed to the continuation of Scottish culture and national identity since the 1707 union with England; the Scottish Parliament, a unicameral legislature comprising 129 members, was established in 1999 and has authority over those areas of domestic policy which have been devolved by the United Kingdom Parliament. The head of the Scottish Government, the executive of the devolved legislature, is the First Minister of Scotland. Scotland is represented in the UK House of Commons by 59 MPs and in the European Parliament by 6 MEPs.
Scotland is a member of the British–Irish Council, sends five members of the Scottish Parliament to the British–Irish Parliamentary Assembly. Scotland is divided into councils. Glasgow City is the largest subdivision in Scotland in terms of population, with Highland being the largest in terms of area. "Scotland" comes from the Latin name for the Gaels. From the ninth century, the meaning of Scotia shifted to designate Gaelic Scotland and by the eleventh century the name was being used to refer to the core territory of the Kingdom of Alba in what is now east-central Scotland; the use of the words Scots and Scotland to encompass most of what is now Scotland became common in the Late Middle Ages, as the Kingdom of Alba expanded and came to encompass various peoples of diverse origins. Repeated glaciations, which covered the entire land mass of modern Scotland, destroyed any traces of human habitation that may have existed before the Mesolithic period, it is believed the first post-glacial groups of hunter-gatherers arrived in Scotland around 12,800 years ago, as the ice sheet retreated after the last glaciation.
At the time, Scotland was covered in forests, had more bog-land, the main form of transport was by water. These settlers began building the first known permanent houses on Scottish soil around 9,500 years ago, the first villages around 6,000 years ago; the well-preserved village of Skara Brae on the mainland of Orkney dates from this period. Neolithic habitation and ritual sites are common and well preserved in the Northern Isles and Western Isles, where a lack of trees led to most structures being built of local stone. Evidence of sophisticated pre-Christian belief systems is demonstrated by sites such as the Callanish Stones on Lewis and the Maes Howe on Orkney, which were built in the third millennium BCE; the first written reference to Scotland was in 320 BC by Greek sailor Pytheas, who called the northern tip of Britain "Orcas", the source of the name of the Orkney islands. During the first millennium BCE, the society changed to a chiefdom model, as consolidation of settlement led to the concentration of wealth and underground stores of surplus food.
The first Roman incursion into Scotland occurred in 79 AD. After the Roman victory, Roman forts were set along the Gask Ridge close to the Highland line, but by three years after the battle, the Roman armies had withdrawn to the Southern Uplands; the Romans erected Hadrian's Wall in northern England and the Limes Britannicus became the northern border of the Roman Empire. The Roman influence on the southern part of the country was considerable, they introduced Christianity to Scotland. Beginning in the sixth century, the area, now Scotland was divided into three areas: Pictland, a patchwork of small lordships in central Scotland; these societies were based on the family unit and had sharp divisions in wealth, although the vast majority were poor and worked full-time in subsistence agriculture. The Picts kept slaves through the ninth century. Gaelic influence over Pictland and Northumbria was facilitated by the large number of Gaelic-speaking clerics working as missionaries. Operating in the sixth ce
Royal Bank of Scotland
The Royal Bank of Scotland (Scottish Gaelic: Banca Rìoghail na h-Alba, Scots: Ryal Bank o Scotland abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches in Scotland, though there are branches in many larger towns and cities throughout England and Wales. Both the bank and its parent, The Royal Bank of Scotland Group, are separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates The Royal Bank of Scotland by 32 years; the Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties. Following ring-fencing of the Group's core domestic business, the bank is expected to become a direct subsidiary of NatWest Holdings by 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018. Drummond and Child & Co. businesses in England.
The bank traces its origin to the Society of the Subscribed Equivalent Debt, set up by investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union. The "Equivalent Society" became the "Equivalent Company" in 1724, the new company wished to move into banking; the British government received the request favourably as the "Old Bank", the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the "New Bank" was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointed its first governor. On 31 May 1728, the Royal Bank of Scotland invented the overdraft, considered an innovation in modern banking, it allowed a merchant in the High Street of Edinburgh, access to £ 1,000 credit. Competition between the Old and New Banks was centred on the issue of banknotes; the policy of the Royal Bank was to either drive the Bank of Scotland out of business, or take it over on favourable terms.
The Royal Bank built up large holdings of the Bank of Scotland's notes, which it acquired in exchange for its own notes suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments; the suspension relieved the immediate pressure on the Bank of Scotland at the cost of substantial damage to its reputation, gave the Royal Bank a clear space to expand its own business—although the Royal Bank's increased note issue made it more vulnerable to the same tactics. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, in March 1729, it resumed lending. To prevent similar attacks in the future, the Bank of Scotland put an "option clause" on its notes, giving it the right to make the notes interest-bearing while delaying payment for six months.
Both banks decided that the policy they had followed was mutually self-destructive and a truce was arranged, but it still took until 1751 before the two banks agreed to accept each other's notes. The bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow, in part of a draper's shop in the High Street. Further branches were opened in Dundee, Dalkeith, Port Glasgow, Leith in the first part of the nineteenth century. In 1821, the bank moved from its original head office in Edinburgh's Old Town to Dundas House, on St. Andrew Square in the New Town; the building as seen along George Street forms the eastern end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, completed in 1774. An axial banking hall behind the building, designed by John Dick Peddie, was added in 1857; the banking hall continues in use as a branch of the bank, Dundas House remains the registered head office of the bank to this day.
The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857. By 1910, the Royal Bank of Scotland had around 900 staff. In 1969, the bank merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland; the expansion of the British Empire in the latter half of the nineteenth century saw the emergence of London as the largest financial centre in the world, attracting Scottish banks to expand southward into England. The first London branch of the Royal Bank of Scotland opened in 1874. However, English banks moved to prevent further expansion by Scottish banks into England. An agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London; this agreement remained in place until the 1960s, although various cross-border acquisitions were permitted.
The Royal Bank's English expansion plans were resurrected after World War I, when it acquired various small English banks, includin
One Churchill Place
One Churchill Place is a 156 m tall skyscraper with 32 floors, serving as the headquarters of Barclays Bank. It is in the Docklands area of London Borough of Tower Hamlets in Canary Wharf; the building is the 13th-tallest office block in the United Kingdom and the sixth tallest building in the Docklands. The building was formally opened in June 2005 by the Chairman of Barclays, Matthew Barrett, merged Barclays offices across London into one building; the former corporate HQ was at 54 Lombard Street in the City of London. Barclays occupy 90% of the building; the building was constructed by Canary Wharf Contractors. Designed after the 9/11 terrorist attacks, the building is constructed around four staircase columns with a large, central column containing the lifts and toilet facilities; the building manual states that there is enough room in these columns to contain everyone who works in the building, in the event of a security alert. The building was planned to be 50 storeys in height, but was scaled down to 31 after the 9/11 terrorist attacks.
The use of kettles is banned within Churchill place and staff have them confiscated by facilities if they are found. There is no sound reason for this ban; the premises are now used on a hot desking basis to accommodate more agile and collaborative working. Ground Floor: Reception Level -1: Gym Level 2: Presentation suite and meeting rooms Level 3: Staff restaurant and deli bar, mail room and print shop Levels 4 and 5: Plant Levels 6 to 17: Working floors Levels 18 to 20: Tenant floors occupied by BGC Partners Levels 21 to 29: Working floors Level 30: Meeting rooms Level 31: Executive officesIt is linked by walkways to the Canada Square shopping mall and Canary Wharf Underground station. Tall buildings in London From emporis.com Wildlife on top of One Churchill Place Barclays Group Archives: Head Office
Bank of England
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, still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank, it was owned by stockholders from its foundation in 1694 until it was nationalised in 1946. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in setting monetary policy; the Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy; the Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days.
The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector. The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734, it is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction; as a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016, the bank provided personal banking services as a privilege for employees. England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst for England rebuilding itself as a global power. England had no choice. No public funds were available, the credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted.
To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The Bank was given exclusive possession of the government's balances, was the only limited-liability corporation allowed to issue bank notes; the lenders would give the government cash and issue notes against the government bonds, which can be lent again. The £1.2m was raised in 12 days. As a side effect, the huge industrial effort needed, including establishing ironworks to make more nails and advances in agriculture feeding the quadrupled strength of the navy, started to transform the economy; this helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful. The power of the navy made Britain the dominant world power in the late 18th and early 19th centuries; the establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694. The plan of 1691, proposed by William Paterson three years before, had not been acted upon.
58 years earlier, in 1636, Financier to the king, Philip Burlamachi, had proposed the same idea in a letter addressed to Sir Francis Windebank. He proposed a loan of £1.2m to the government. The royal charter was granted on 27 July through the passage of the Tonnage Act 1694. Public finances were in such dire condition at the time that the terms of the loan were that it was to be serviced at a rate of 8% per annum, there was a service charge of £4,000 per annum for the management of the loan; the first governor was Sir John Houblon, depicted in the £50 note issued in 1994. The charter was renewed in 1742, 1764, 1781; the Bank's original home was in Walbrook, a street in the City of London, where during reconstruction in 1954 archaeologists found the remains of a Roman temple of Mithras. The Bank moved to its current location in Threadneedle Street in 1734, thereafter acquired neighbouring land to create the site necessary for erecting the Bank's original home at this location, under the direction of its chief architect Sir John Soane, between 1790 and 1827.
When the idea and reality of the national debt came about during the 18th century, this was managed by the Bank. During the American war of independence, business for the Bank was so good that George Washington remained a shareholder throughout the period. By the charter renewal in 1781 it was the bankers' bank – keeping enough gold to pay its notes on demand until 26 February 1797 when war had so diminished gold reserves that – following an invasion scare caused by the Battle of Fishguard days earlier – the government prohibited the Bank from paying out in gold by the passing of the Bank Restriction Act 1797; this prohibition lasted until 1821. The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sol