The Bank of England, often referred to as the “Old Lady of Threadneedle Street,” stands as one of London’s most iconic and historically significant buildings. Its architectural evolution mirrors the institution’s growing importance in British finance and governance over more than three centuries.
Founding and Early Structure (1694-1734)
The Bank of England was founded in 1694, initially operating from rented premises in Mercers’ Hall and then Grocers’ Hall. In 1734, the Bank moved to its first purpose-built home on Threadneedle Street, designed by George Sampson. This original structure was relatively modest, featuring a single great room for banking transactions and offices surrounding a central courtyard.
Expansion under Sir Robert Taylor (1765-1788)
As the Bank’s operations expanded, so did its physical presence. Sir Robert Taylor was appointed as the Bank’s architect in 1765. Over the next two decades, he extended the Bank westward, creating a symmetrical stone screen wall along Threadneedle Street. Taylor’s most significant contribution was the Rotunda, a domed public banking hall that became the heart of the Bank’s operations.
The Soane Era (1788-1833)
The appointment of Sir John Soane as the Bank’s architect in 1788 marked the beginning of the most transformative period in the Bank’s architectural history. Soane worked on the Bank for 45 years, gradually expanding and rebuilding it into a complex covering three acres.
Soane’s design was revolutionary. He created a windowless, fortress-like exterior to ensure security, while ingeniously using top-lighting and double-height spaces to illuminate the interior. His use of classical elements, combined with his innovative approach to space and light, resulted in a building that was both functional and aesthetically striking.
Key features of Soane’s design included:
- The Tivoli Corner: An iconic rounded corner inspired by the Temple of Vesta in Tivoli, Italy.
- The Old Dividend Office: A grand, top-lit banking hall.
- The Consols Office: Another impressive banking hall featuring Soane’s characteristic use of shallow domes and lanterns for lighting.
- The Bank Stock Office: Notable for its use of caryatids (sculpted female figures serving as architectural supports).
By the time Soane retired in 1833, he had rebuilt nearly every part of the Bank, creating what many consider his masterpiece.
Victorian Renovations (1844-1902)
The Victorian era saw further modifications to the Bank. In 1844, C.R. Cockerell added the London Underground Bank station beneath the building. Towards the end of the century, the internal courtyard was roofed over to create additional office space.
20th Century Reconstruction (1925-1939)
The most dramatic change to the Bank came in the 20th century. By the 1920s, the Bank had outgrown Soane’s building. The decision was made to demolish most of the existing structure and rebuild on a larger scale. Sir Herbert Baker was appointed as architect for this massive project.
Baker’s redesign was controversial. While he retained Soane’s exterior wall (which remains to this day), he demolished most of the interior, replacing Soane’s intricate network of courtyards and top-lit halls with a seven-story structure built around a central courtyard. The new building featured a gigantic banking hall and increased office space to accommodate the Bank’s growing staff.
Key features of Baker’s design included:
- The central courtyard: A large open space surrounded by the main building.
- The banking hall: A vast, impressive space with high ceilings and classical details.
- The Governors’ Room: An ornate chamber featuring wood paneling and a painted ceiling.
While Baker’s design increased the Bank’s functionality, many architectural historians lament the loss of Soane’s interiors, considered among the most innovative of their time.
Post-War to Present
Since Baker’s reconstruction, changes to the Bank have been relatively minor. In the 1980s, a new dealing room was added, and various technological upgrades have been implemented over the years.
In 2016, the Bank announced plans for a major renovation of its headquarters, aiming to modernize the facilities while respecting the building’s historic character. This ongoing project includes updating infrastructure, improving accessibility, and creating more flexible work spaces.
Architectural Significance
The Bank of England building is a Grade I listed structure, recognizing its exceptional architectural and historical importance. Its exterior, largely unchanged since Soane’s time, remains one of the most recognizable facades in the City of London.
The building’s architecture reflects the changing needs and status of the Bank over three centuries. From Sampson’s modest initial structure to Soane’s innovative and secure design, and finally to Baker’s grand reimagining, each phase represented the Bank’s role at that time.
Today, the Bank of England stands as a unique architectural palimpsest. Its fortress-like exterior conceals a largely modern interior, creating a striking juxtaposition between old and new. This blend of architectural styles and eras makes the Bank of England not just a functional center of British finance, but also a living museum of architectural history, embodying the evolution of both banking and design in the heart of London.
Author: Jonathan Thomas
Jonathan is a consummate Anglophile who launched Anglotopia.net in 2007 to channel his passion for Britain. Londontopia is its sister publication dedicated to everything London.