What significant event led to the establishment of devolved powers in Northern Ireland?

The establishment of devolved powers in Northern Ireland was primarily a result of the signing of the Good Friday Agreement in 1998. This historic agreement aimed to address the longstanding political conflict in Northern Ireland known as "The Troubles" and set out a framework for political cooperation and governance.

One of the key outcomes of the Good Friday Agreement was the creation of the Northern Ireland Assembly, which provided a devolved government with the authority to make decisions on various local matters, including health, education, and justice. The agreement marked a significant shift in the political landscape of Northern Ireland, fostering peace and allowing for a more localized form of governance that was reflective of the diverse communities within the region.

In contrast, the other options do not directly relate to the establishment of devolved powers. The Magna Carta, signed in 1215, is a landmark document in the development of constitutional law, but it does not pertain to the specific issues of governance in Northern Ireland. The establishment of the Bank of England in 1694 and the creation of the Northern Ireland Assembly, while significant, would not have occurred without the preceding framework provided by the Good Friday Agreement, which set the stage for this form of devolved government. Thus, the signing of the Good Friday