Explain why England is called the banker of the world.

With the development of free trade, England has taken a leading position in commerce, transportation, and financial spheres. All of these advances are associated with the Industrial Revolution. And, as a result, they led to an increase in income, which contributed to the further formation of British banks. From the end of the 17th to the end of the 18th centuries, there were about 350 English banks. And by the 50s of the 19th century, the capital of England had become a recognized world center of finance.