Colonial wealth drove England to establish the Bank of England in 1694

Evidence

At the end of the seventeenth century, mercantile elements of the Christian nation had circumvented the religious prohibitions against usury, institutionalizing their financial freedom with the official establishment of the Bank of England in 1694. The rise of the English bourgeoisie of course occasioned the beginnings of the overturning of English society. The leading members of this mercantile clique had been associated with “republicanism, treason and Dutch connections” in the previous decade. — Cedric J. Robinson, Black Marxism_ The Making of the Black…, 573