BANK OF ENGLAND
Streamlining Proposal (N.Z.P.A.-Reuter—Copyright) LONDON, Feb. 3. American efficiency experts are helping the 276-year-old Bank of England to modernise its system of working. For about a year, a workstudy team from a firm of American management consultants has been examining the methods of the bank’s internal working, its secrets having been revealed to an outsider for the first time. The bank says that it has accepted the American team’s main recoriimendations, and is putting them into effect. Established in 1694 to raise funds for a war with France, the bank was nationalised in 1946. Its board of governors announce vital decisions concerning national monetary policy, which it is able to manipulate because it has virtual control over most of the balances of the large banks.
It is no secret, however, that most of the bank’s decisions are taken only after close consultation with the Government.
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Bibliographic details
Press, Volume CX, Issue 32214, 5 February 1970, Page 9
Word Count
147BANK OF ENGLAND Press, Volume CX, Issue 32214, 5 February 1970, Page 9
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