Bank of England

The Bank of England, founded in 1694, serves as the central bank of the United Kingdom and is responsible for issuing currency and overseeing monetary policy. It was established as a private institution to act as the English government's banker and to raise money for the war against France. William Paterson, the founder of the ill-fated Darien Scheme-a failed attempt to establish a Scottish colony in Central America-played a pivotal role in proposing the idea for the creation of the Bank of England, emphasizing the bank's potential to manage national debt efficiently.