The
Bank of England, formally the
Governor and Company of 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, it is the second oldest central bank in the world, after the
Sveriges Riksbank, and the
world's 8th oldest bank. It was established to act as the
English Government's banker and is still the banker for the
Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until nationalised in 1946.