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19 July 1844
Bank Charter Act and Companies Act
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Parliament legislates to control the economy and establish rules of
commercial conduct. During the first half of the 19th century, many banks
have over-issued paper banknotes and then collapsed. The Bank Charter
Act prevents new banks from issuing their own banknotes and strictly
limits the number of notes established banks can issue. The Bank of England
is given control over how many banknotes can be in circulation, based
on the level of its securities and gold bullion reserves.
The Companies Act requires companies to register publicly and submit
annual accounts.
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