Travel Reference
In-Depth Information
•
Look across the square at the eight-columned entrance to the...
Royal Exchange:
When London's original stock exchange opened, “stock” meant
whatever could be loaded and unloaded onto a boat in the Thames. Remember, London
got its start as a river-trading town. Soon, Londoners were gathering here, trading slips of
paper and “futures” in place of live goats and chickens. Traders needed money changers,
who needed bankers
...
and London's financial district boomed. Today, you can step inside
under the
Trading Since 1571
sign to a skylight-covered courtyard lined with traders of
retail goods and cappuccinos.
•
To the left of the Royal Exchange is the city-block-sized Bank of England (main entrance
just across Threadneedle Street from the Royal Exchange entrance).
Bank of England:
This 3.5-acre, two-story complex houses the country's national
bank. In 1694, it loaned
£
1.2 million to King William III at 8 percent interest to finance
a war with France; it's managed the national debt ever since. It's an investment bank (a
banker's bank), loaning money to other financial institutions. Working in tandem with
the government (nationalized 1946, independent 1997), “The Old Lady of Threadneedle
Street” sets interest rates, prints pound notes, and serves as the country's Fort Knox, hous-
ing stacks of gold bars.
