The Bank of England has been at its current home on Threadneedle Street, City of London since 1734. Arguably, its most renowned building is that which was designed by architect Sir John Soane during the late eighteenth and early nineteenth century. It remained operational until the 1920s when it was then demolished. It was deemed by many to have been one of Soane's greatest works.

Herbert Baker was appointed architect to the Bank of England in 1921. Despite having never built a bank, nor being familiar with the City of London, Baker was selected by the Rebuilding Committee on the basis of his reputation and merit, unlike many of his predecessors who had had prior connections to the Bank.