Bank of England Act 1709 facts for kids
| Act of Parliament | |
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| Long title | An Act for granting an Aid to Her Majesty to be raised by a Land Tax in Great Britain for the Service of the Year One thousand seven hundred and ten. |
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| Citation | 8 Ann. c. 1 |
| Dates | |
| Royal assent | 10 December 1709 |
| Other legislation | |
| Repealed by | Bank of England Act 1946 |
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Status: Repealed
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The Bank of England Act 1709 was an important law passed by the Parliament of Great Britain. It was one of several laws that helped set up and support the Bank of England in its early years. Think of it as a rulebook or a set of instructions made by the government.
Contents
What Was This Act About?
This Act was mainly about money and taxes. Its full title mentions "granting an Aid to Her Majesty" and raising money through a "Land Tax". This means it helped the government collect money, likely to fund public services or projects at the time. It also played a part in the ongoing story of the Bank of England.
Why Was It Important for the Bank of England?
The Bank of England was quite new in 1709, having been created in 1694. Laws like the Bank of England Act 1709 helped to make sure the Bank could do its job. These laws gave the Bank the power and rules it needed to manage the country's money. They also helped the government borrow money when it needed to.
When Did This Act Stop Being Law?
Laws can sometimes be "repealed," which means they are officially cancelled or taken out of effect. Parts of the Bank of England Act 1709 were repealed over time.
How Was It Repealed?
- Most of the Act was cancelled by the Statute Law Revision Act 1867. This Act was designed to tidy up old laws that were no longer needed.
- Finally, the entire Bank of England Act 1709 was fully repealed by the Bank of England Act 1946. This newer Act replaced many older laws about the Bank of England.
So, while the Bank of England Act 1709 was important in its time, it is no longer an active law today.
