Which bank was founded in London in 1694 to help finance England's government?

The Bank of England was founded in London in 1694 to help finance England's government.

William Paterson and other promoters created the bank after Parliament approved a plan for a large loan to the government. In return, the institution received a royal charter and the right to issue notes. It was originally a private corporation, not a modern state-owned central bank.

Over time, the Bank of England became the United Kingdom's central bank. Its responsibilities expanded to include managing interest rates, supporting financial stability, supervising some parts of the financial system, and issuing banknotes in England and Wales.

A common mix-up is confusing its founding date with the date it became independent in monetary policy. The bank gained operational independence for setting interest rates in 1997. Its headquarters remain on Threadneedle Street in the City of London.