They include the unsexy sounding Monetary Policy Committee who meet eight times a year to discuss UK interest rates.
Unsexy or not, the outcome of their meeting affects how much everything costs – from mortgages to groceries.
The so-called ‘old lady of Threadneedle Street’ holds 400,00 gold bars in its underground vaults, so it’s safe to say that security is tight.
After identity and bag checks, we’re warned not to take photographs, and ushered through a barrier into an austere entrance hall that leads onto a hidden garden.
Our route takes us along echoing corridors inlaid with mosaics inspired by coinage and money. We pass fascinating objects, like the Roman mosaic discovered beneath the City of London site, or the pinpoint accurate machine that weighed bullion bars for more than 100 years.
Jenni tells us many of the gold bars are deposited by other Governments and central banks and they stay put when they change hands – with the move adjusted on an accounting sheet.
The reason for our tour is the forthcoming Building The Bank exhibition marking 100 years since the institution was rebuilt.
It was founded as a private bank in 1694 to act as a banker to the government during a costly war with France.
Ever since it’s been issuing bank notes, keeping the economy stable, and managing the national debt, which currently stands at an eye-watering £2.9 trillion.
The institution moved to Threadneedle Street in 1734 where George Sampson designed the UK’s first purpose built bank.
In 1828 the great Architect Sir John Soane extended the building to its current 3.5 acre site and enclosed it with a windowless wall.
But in 1925 this architectural gem was demolished – except for the wall – and rebuilt by Sir Herbert Baker to create more space.
It now boasts seven stories above ground and three below, but out of respect to Sir John, the new architect made exact copies of several rooms.
They resemble a Georgian Gentleman’s club including the hexagonal ‘blue room’ where the nine-strong policy committee meet around a polished oak table.
Jenni points out details like the clocks all driven by a central motor and the wind dial in the Court Room to let bank staff know conditions for the sailing ships arriving in London.
Despite the Blitz, the bank was deemed the best place to house the Treasury’s gold reserves during the war and although Bank tube station suffered a direct hit in January 1941, the nearby old lady suffered only minor damage.
The bank was nationalised in 1946 and is now owned by the Government although its Governors remain independent of political interference.
Over the centuries – and 121 Governors – it has dealt with numerous threats to the UK finances, from the South Sea Bubble to Black Friday, and a Nazi bid to flood the UK with forged bank notes.
Building The Bank which runs at The Bank of England Museum from September 16 until Spring 2027 is a fascinating exhibition that includes photographs, drawings and artefacts charting the controversial demolition of Sir John Soane’s building.
Jenni Adam says: “It’s a very special place to work, you come in here every day and it becomes normal but it’s so spectacular and there are so many details of the design that I want to share.”
She added: “Despite the controversy surrounding the pulling down of Sir John Soane’s building, Baker’s Bank remains an effective and architecturally significant landmark.
“Baker hugely admired Soane’s work, and much of the Classical symbolism nods to the work of Baker’s predecessors. At the time it was built, the Bank was busy with both staff and customers who had come to Threadneedle Street to carry out their business.
“So the sculpture and mosaic are magnificent public artworks, designed to communicate the Bank’s role and purpose. We’re excited to share them through this exhibition, and celebrate the architecture and design heritage here at the Bank of England.”
