Founded in 1694, the Bank of England was established to serve as the banker to the English government and to help finance military endeavors. It played a pivotal role in developing public credit and modern finance, becoming a cornerstone of the British economy. The Bank's establishment marked the beginning of a new era in banking and finance, influencing economic policies and practices in England and beyond.

The founding of the Bank of England in 1694 marked a significant shift in economic thought, influencing 18th-century poets and satirists. Their works often critiqued the emerging culture of public debt and financial speculation, linking these themes to broader anxieties about trust and national identity.