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British RoyalsCoronavirusKing Charles III

Prince Charles signs a cheque for £1 million

The Prince of Wales and The Duchess of Cornwall have visited the Bank of England to learn more about the financial implications behind the coronavirus pandemic and how the Bank has supported its patrons throughout the crisis.

Since the pandemic began, the Bank of England has introduced measures to continue supporting people and businesses. Clarence House notes that the Bank created a “package of measures to help keep firms in business and people in jobs, with the aim of minimising the longer-term damage to the economy when Covid-19 subsides.”

This has included cutting bank rates, reducing interest rates on long-term projects, a scheme to allow businesses to exchange bonds for cash, and testing the banks to ensure that they can withstand any financial crisis wrought by the pandemic.

Upon their arrival, on October 28th 2020, the royals met the Bank of England Governor, Andrew Bailey, and the Chair of Court, Bradley Fried. They attended a private meeting before going to the court rooms to meet with production staff.

There, Charles and Camilla learned more about the Bank of England’s sustainability efforts through the recycling of its old bank notes into everyday objects. They also had the opportunity to view archival and unreleased materials held by the Bank before meeting with regional agents on a virtual conference call with bankers calling in from all over the country.  

At one point, Prince Charles stopped to sign a £1 million cheque, a tradition for royals who visit the Bank of England. The note, kept in a vault, promises to pay the signatory the stated sum upon demand—meaning Charles could someday ask for that amount from the Bank of England. Camilla quipped, “So I can’t pop it into my handbag?”

Before leaving, Charles and Camilla met with the Bank’s Education and Outreach Programme representatives. This programme allows people to discuss their experiences with the Bank and to let its officers know how the Bank’s decision affects them personally.

Per Clarence House, the Bank of England has “launched a range of new educational tools for schools, alongside a school ambassador programme, supporting economics education and understanding the role of the central bank” to further achieve its outreach aims. All programmes are currently being hosted digitally with the ongoing pandemic.

Charles and Camilla also had the chance to discuss mental health and diversity with Bank workers as well.

About author

Jess Ilse is the Assistant Editor at Royal Central. She specialises in the British, Danish, Norwegian and Swedish Royal Families and has been following royalty since Queen Elizabeth II’s Golden Jubilee. Jess has provided commentary for media outlets in Canada, the United States, the United Kingdom, and Australia. Jess works in communications and her debut novel THE MAJESTIC SISTERS will publish in Fall 2024.