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Cunliffe: Financial Stability and Low for Long
Jane Austen’s face appears on the Bank of England’s latest £10 note, which entered circulation in September 2017. But the Bank’s association with one of the world’s finest authors goes back much further: as the meticulously kept records of the Bank show, the successful novelist invested much of the proceeds of her writing in Bank of England Annuities. In July 1815, for example, she purchased ‘Navy Five per Cent annuities’ – an undated Bank of England security – with a face value of £300. ‘Navy Fives’ were a popular investment during the Napoleonic Wars, paying annual interest, as the name ... (full story)