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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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Bank of England
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The central bank of the UK, nationalized in 1946. It was founded by a group of merchants in 1694, along lines proposed by William Paterson (1658–1719), with the immediate purpose of raising money to lend to William III. The link with government meant that it acquired during the 18C the status of a national bank even though remaining a private institution. Since 1734 it has been on *Threadneedle Street.
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Its main functions are: the managing of the *national debt; the implementation of government exchange-rate and interest-level policies; the issuing of the nation's paper currency; and acting as banker to the government itself, to the *clearing banks and to other commercial banks. It also has a responsibility as the regulating agency for banks and financial institutions in Britain.
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