This history of the Bank of England takes its story from the 1950s
to the end of the 1970s. This period probably saw the peak of the
Bank's influence and prestige, as it dominated the financial
landscape. One of the Bank's central functions was to manage the
exchange rate. It was also responsible for administering all the
controls that made up monetary policy. In the first part of the
period, the Bank did all this with a remarkable degree of freedom.
But economic policy was a failure, and sluggish output, banking
instability and rampant inflation characterised the 1970s. The
pegged exchange rate was discontinued, and the Bank's freedom of
movement was severely constrained, as new approaches to policy were
devised and implemented. The Bank lost much of its freedom of
movement but also took on more formal supervision.
General
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