3.01 The Bank of England, the UK’s central bank, was established in 1694 by a Charter granted by King William III and Queen Mary II under the authority of an Act of Parliament.1 The principal object of the Act was to raise money for the government and the Bank was created as a vehicle for that purpose. From its inception, therefore, the Bank was closely associated with the raising and management of the national debt, a function that it retained until the creation of the UK Debt Management Office (DMO) in 1998. 3.02 The Bank was not formed as what would now be...
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