Bank of England
Central bank of the United Kingdom
Bank of England
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| Headquarters | London, United Kingdom |
|---|---|
| Coordinates | |
| Established | 27 July 1694 |
| Dissolved | |
| Ownership | Government of the United Kingdom |
| Governing body | |
| Governor | Andrew Bailey |
| Key people | |
| Central bank of | United Kingdom |
| Currency | Pound sterling GBP (ISO 4217) |
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank. The Bank of England is responsible for issuing banknotes in England and Wales, managing the country's foreign exchange and gold reserves, and setting monetary policy.
History[edit | edit source]
The Bank of England was founded by Royal Charter on 27 July 1694, following a proposal by the Scottish entrepreneur William Paterson. The bank was established to act as the government's banker and debt-manager, a role it continues to fulfill today. Initially, it was a private institution, but it was nationalized in 1946.
Functions[edit | edit source]
The Bank of England has several key functions:
- Monetary Policy: The Bank's Monetary Policy Committee (MPC) is responsible for setting the interest rate to meet the government's inflation target.
- Financial Stability: The Bank works to maintain the stability of the financial system as a whole.
- Banknotes: The Bank has the sole right to issue banknotes in England and Wales.
- Government's Banker: The Bank acts as the banker to the UK Government.
Structure[edit | edit source]
The Bank of England is governed by a board of directors, known as the Court of Directors. The Court is responsible for setting the Bank's strategy and budget, and it oversees the work of the MPC.
Location[edit | edit source]
The Bank of England is located in the City of London, the historic financial district of London. The building, known as the Bank of England Building, is situated on Threadneedle Street.
Governors[edit | edit source]
The current Governor of the Bank of England is Andrew Bailey, who took office in March 2020. The Governor is appointed for an eight-year term and is responsible for the overall management of the Bank.
See also[edit | edit source]
- Monetary Policy Committee
- Pound sterling
- City of London
- Royal Charter
- William Paterson (banker)
- Central bank
Related pages[edit | edit source]
- Monetary Policy Committee
- Pound sterling
- City of London
- Royal Charter
- William Paterson (banker)
- Central bank
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