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Saturday, 18 September 2010

City of London Open House 2010: Bank of England

'Dare I ask how long you've been waiting to get in?' queries our guide, when at last we get past the chaps in Houblon pink and clear security. Two hours was the answer – although it was an unexpectedly good-natured queue. ('We're English, we can take it,' chirped a chap.)

As the first purpose-built central bank and the second oldest in the world, there's no denying the old lady of Threadneedle Street is looking good for her age. Behind the august façade of Portland stone, built by Soane around the 'island site', is a ten-storey edifice with 3.5 miles of corridors that provides more office space than all of Tower 42. (Three of those ten storeys lie underground including, presumably, the gold vaults – now much depleted thanks to Mr Brown.) There is also a garden court dotted with mulberry trees, which the Governor's office opens into (although Mervyn King, the Bank's 119th Governor, apparently doesn't tend to sit outside to have his sandwiches; he does, however, have a signed Aston Villa football on a sideboard).

'How many people work here?' asks someone in the group, as we are shepherded through the Bank's parlours.
'The comedy answer is "About half",' replies our guide, '...but the real answer is around 1,700.'

Upstairs, we are given a quick tour of the Committee Room where the MPC meet once a month.
'Don't ask me how rates are likely to move, because I don't know,' confesses our guide.
'Can we take a decision now?' queries a wag.
'Let's have a show of hands, shall we,' responds our guide gamely, 'and I'll take it up with the Governor!'

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