Our MSc International Banking Finance and Risk Management students ventured to the Bank of England Museum on Tuesday 5th December. The museum explains the history of the Bank of England and its work today at the heart of the UK economy.
The museum has a number of interactive stations where visitors can try to navigate the economy through stormy weathers and to keep the inflation at bay. (We failed bitterly in both tasks.) There are also a number of short films on show which explain recent pertinent events in which the ‘Old Lady of Threadneedle Street‘ was involved, such as Black Monday and the recent financial crisis.
The highlight of the visit was the test whether visitors would be able to lift a gold bar with one hand. The bar weighs roughly 13 kg and the value on Tuesday was £379,000, so it is a real challenge for everyone.
Asteris Kosivis (MSc International Banking Finance and Risk Management) describes his experience:
“One of the most exciting activities was the inflation game, in which we tried to control the inflation of the economy by 2%, by navigating a ship that was represented the economy of the UK. After that, we were able to learn about the history of the Bank of England and all the great governors that directed the Bank since 1694. Another essential demonstration was the educational videos, which were projected by screens in different chambers within the museum. These videos covered information on UK bank notes, the treasury department and the reaction of the Bank of England in every crisis that faced the UK economy since 1930. ”
Sheree Holland (MSc International Banking Finance and Risk Management) further adds:
“It was a great way to learn through engaging activities about how low inflation and a safe and stable monetary framework matters to the UK economy, and how the Bank of England contributes to this. However, today’s visit to the Museum was more than just about ‘the money.’ It was also about its history, architecture and many literary connections.”