The British Central Bank is Misnamed 'England'

The British Central Bank, AFFG 5-6-18.

On this day 27 July in 1694, the Bank of England was established and granted a 12 year charter by an Act of Parliament.

It was established as a private bank which lent to the government, by among others, the Scotsman William Paterson.

This was prior to the Union of Parliaments.

When 1707 came about, it should have changed its name to something like "the Bank of Britain", or the "Union Bank", or something suitable which would reflect the changed political circumstances.

However, perhaps because it was a private bank, then its status may have been unclear; certainly as far as the wider nation of Britain was concerned.

Astonishingly, it was not officially nationalised until 1946.

That was certainly the time to correct its name, in order to reflect the fact that it was the "national" Central Bank, which had been "nationalised", and that "national" meant Britain.

But that did not happen. Possibly because of the lack of care and imagination which plagues British government to this day.

This was quite wrong, for several reasons.