Bank of England Act 1708 facts for kids
| Act of Parliament | |
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| Long title | An Act for enlarging the Capital Stock of the Bank of England; and for raising a further Supply to Her Majesty, for the Service of the Year One Thousand Seven Hundred And Nine. |
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| Citation | 7 Ann. c. 30 (Ruffhead c. 7) |
| Dates | |
| Royal assent | 21 April 1709 |
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Status: Amended
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The Bank of England Act 1708 was an important law made by the Parliament of Great Britain. This law helped the Bank of England grow and also raised money for the government. It was one of several laws about the Bank of England passed between 1694 and 1892.
This Act was mostly replaced or updated by newer laws over time. For example, many parts of it were cancelled by the Statute Law Revision Act 1867. Later, other parts were removed by the Bank Act 1892, the Bank of England Act 1946, and the Statute Law Revision Act 1948. This shows how laws can change as countries and their needs evolve.
What Was This Act About?
The main goal of the Bank of England Act 1708 was to make the Bank of England stronger. It allowed the Bank to increase its "capital stock." Think of capital stock as the total amount of money or resources a company has to work with. By increasing this, the Bank could do more to help the country's economy.
Another important part of the Act was to help Her Majesty (Queen Anne at the time) get more money. This money was needed for the government's services in the year 1709. Governments often raise money through taxes or by borrowing, and this Act was one way to help with that.
Why Laws Change Over Time
Laws like the Bank of England Act 1708 are often updated or cancelled. This happens for many reasons:
- New Needs: Society and the economy change, so old laws might not fit anymore.
- Better Ways: Governments find better ways to manage things, like banking or money.
- Simplification: Sometimes, old laws are very complicated. Newer laws can make things simpler.
When a law is "repealed," it means that part or all of it is officially cancelled. This Act had many of its sections repealed by later laws. This is a normal part of how a country's legal system stays current.
