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The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
A third note surfaced recently on the collector market, dated 8 September 2003, serial number R016492, and it is signed by Andrew Turnbull, Secretary to the Treasury, and cancelled. Until 2006, these Treasury notes were issued by the Bank of England, in the City of London.
Main articles: Banknotes of the pound sterling and Bank of England note issues. Note: The description of banknotes given here relates to notes issued by the Bank of England. Three banks in Scotland and four banks in Northern Ireland also issue notes, in some or all of the denominations: £1, £5, £10, £20, £50, £100.
The combined size of these banknote issues is well over a billion pounds. To make it possible for the note-issuing banks to hold equivalent values in Bank of England notes, the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans") for internal use by the other banks.
As provincial banking companies merged to form larger banks, they lost their right to issue notes, and the English private banknote eventually disappeared, leaving the bank with a monopoly of note issues in England and Wales. The last private bank to issue its own banknotes in England and Wales was Fox, Fowler and Company in 1921. [117]
The Bank said it needed to broaden the emergency programme to buy UK government bonds – also known as gilts – to calm markets as it warned over a “material risk to UK financial stability”.
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Bank Act of 1844. The Bank Charter Act 1844 (7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England.