The Bank of England is among the most notable institutions on Threadneedle Street and is located in the heart of the City of London. It sits on a beautiful three-and-a-half-acre campus. To its credit, since its creation it has been a bastion of fiscal prudence and robustness. Surrounded by the marks of a bygone era, their investment in the future stands in stark contrast to their past self.
Within the Bank, a public museum provides fascinating clues into how it operates and what treasures are guarded behind its imposing walls. This innovative museum presents the bank’s storied past with honesty and depth. It equally serves as a portal into learning more about one of Britain’s most hard to penetrate establishments. The Bank of England, sure – but it goes beyond that. It’s the crowning jewel of the city’s vibrant art and cultural scene, starring striking mosaics, soaring sculptures and intriguing historical treasures.
The Bank’s monetary policy committee meets in person, on their own time, to make momentous decisions about raising and lowering interest rates. They have a key role in maintaining inflation with these decisions. As Jenni Adam, a former long-time employee of the bank, underscored in a recent T6 session about the value of these meetings,
“This is where to the present day, the bank’s monetary policy committee meets to make decisions about rates as part of the bank’s remit to manage inflation.”
The plush, pale-blue, octagonal room oozes character. It features the stunning official portrait of a former governor, honoring the institution’s inspiring legacy. The room is nothing short of intimidating and authoritative while providing an incredible window into the past. A life-sized reproduction of a chamber from the 1780s adds to the historic mood. It encourages visitors to consider the big choices that are defining the country’s fiscal future.
Visitors can wonder at a huge mechanical wind vane oscillating along on one wall. This delightful art installation monumentizes the history of the building. The mosaics on the ground floor, though, are magnificent works installed by celebrated Russian expressionist Boris Anrep. These mosaics stretch across a darkly carpeted complex of domed grey and black hallways, blending craftsmanship with design.
Statues and other artwork adorn almost every fixture in the Bank✹, making it an incredibly beautiful place to visit. The sumptuous first-floor anteroom is draped in rich red-and-gold silk, further enlivened by paintings hundreds of years old that cover much of its walls. An intricately carved ornamental parlor fireplace, found next to a large operable, floor-to-ceiling window, gives warmth and light in equal measure to this stately space.
At the foot of one of the long and spiraling staircases is a jaw-dropping Roman mosaic. Unearthed through archaeological excavation in the 1930s, this historic artifact continues to add depth to the Bank’s story. This detailed mural serves as a prime example of the rich history and financial wizardry that the building and institution represent.
The Bank was extensively reconstructed in 1939 at a cost of £5 million—almost £285 million today. This rebuild was largely required by an ever rising burden expected of the institution during World War I. By 1918, the workforce had increased to approximately 4,000 employees. This increase from about 1,200 in 1914 was a result of the bank’s broadening responsibilities.
She further explained that the decision to demolish and rebuild was driven by the need for a more functional space:
“By the First World War the staff at the bank had gone from about 1,200 in 1914 to around 4,000 by 1918 and it was clear that there was a real capacity problem.”
Adam highlighted that visitors often marvel at the Bank’s architectural beauty:
“It was doing a colossal job of managing an expensive national debt among many different aspects so it was decided to demolish and rebuild.”
The Bank beautifully integrates the new and the old. That combination of views produces an environment that is both rich in culture and history and open to today’s financial practices. Adam noted that despite having worked at the Bank for 15 years, each day still brings a sense of wonder:
“However, every so often you do go around and think ‘this is so spectacular’ – and there’s just so many stories and details to share.”
The grandeur experienced upon entering the Bank is palpable, with Adam describing it as an immediate sensory experience:
“I’ve been working in the bank for 15 years and when you come in here every day, it becomes normal.”
She added that the design encapsulates the essence of finance:
“There’s just lots of symbolism of money and finance throughout the space… and gild as far as the eye can see.”
The grandeur experienced upon entering the Bank is palpable, with Adam describing it as an immediate sensory experience:
“And immediately they were greeted with this sense of grandeur along with lots and lots of messages about what’s happening in this site.”