Editing Bank of England (section)

====Restructuring and rebuilding====
During the governorship of [[Montagu Norman]], from 1920 to 1944, the bank made deliberate efforts to move away from [[commercial bank]]ing and become a central bank. A later Governor, [[Robin Leigh-Pemberton, Baron Kingsdown|Robin Leigh-Pemberton]], described it as 'a time of rapid change, in which we began to move away from the clerical traditions of 200 years [...] and to accept specialisation, mechanisation and modern management disciplines'.<ref name="Hennessy1992" /> Economists and statisticians began to be employed at the bank in increasing number. In 1931 the 'Peacock Committee', set up to advise on organisational improvements, published recommendations which included the appointment of paid executive Directors (alongside the traditional non-executive members of the Court). It also recommended reconfiguration of the bank's traditional departmental structures.

[[File:Bank of England Building, City of London (Southwest View - 02).jpg|thumb|right|Baker's rebuilt bank stands behind Soane's part-preserved curtain wall.]]
The work of the bank had significantly increased since the end of the First World War, and the decision was taken to expand. Between 1925 and 1939 the bank's headquarters on Threadneedle Street were comprehensively rebuilt by [[Herbert Baker]]. (This involved the demolition of most of Sir John Soane's buildings, an act described by architectural historian [[Nikolaus Pevsner]] as "the greatest architectural crime, in the [[City of London]], of the twentieth century".)<ref>{{Cite book |last1=Bradley |first1=Simon |title=London 1: The City of London |last2=Pevsner |first2=Nikolaus |publisher=Penguin Books |year=1997 |isbn=0-14-071092-2 |series=Buildings of England}}</ref> Initially the plan had been to retain Soane's banking halls behind the curtain wall, but this proved challenging so they were instead demolished and rebuilt in facsimile.<ref name="Sayers1976">{{cite book |last1=Sayers |first1=R. S. |authorlink1=Richard Sidney Sayers |title=The Bank of England 1891-1944 |date=1976 |publisher=Cambridge University Press |location=Cambridge |pages=338–341}}</ref> The demolition and rebuilding took place in stages, with staff moving from one part of the building to another (or, in some cases, into temporary accommodation at [[Finsbury Circus]]). The bullion and securities remained on site throughout. During reconstruction human remains pertaining to the old churchyard of St Christopher le Stocks were exhumed and reburied at [[Nunhead Cemetery]].

[[File:Statue over the Bank of England from Tivoli Corner.jpg|thumb|left|Statue of [[Ariel (The Tempest)|Ariel]] by Charles Wheeler]]
Baker's [[steel-framed]] building stands seven storeys high, with a further three vault storeys extending below ground level. It is decorated with sculpture and bronze work by [[Charles Wheeler (sculptor)|Charles Wheeler]], plasterwork by Joseph Armitage and mosaics by [[Boris Anrep]].<ref name="Sayers1976" /> The bank today is a [[Grade I listed]] building.

1939 saw the introduction of [[Exchange Controls in the United Kingdom]] at the outbreak of the [[Second World War]]; these were administered by the bank.<ref name="Hennessy1992" /> During WWII, over 10% of the face value of circulating Pound Sterling banknotes were forgeries produced by Germany.<ref name=":0">{{Cite web |title=History |url=https://www.bankofengland.co.uk/about/history |access-date=2022-11-04 |website=www.bankofengland.co.uk |language=en}}</ref>

A number of the bank's operations and staff were relocated to Hampshire for the duration of the war, including the printing works (which moved to [[Overton, Hampshire|Overton]]), the Accountant's Department (which went to [[Hurstbourne Park]]) and various other offices. Those who remained at Threadneedle Street, including the Directors, moved their offices into the underground vaults.<ref name="Hennessy1992" />