Bank of England

Founded in 1694, the Bank of England is the central bank of the United Kingdom. Sometimes known as the ‘Old Lady’ of Threadneedle Street, the Bank’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

  • Maintaining public confidence in bank notes
  • Protecting the value of money over time through the monetary stability objective. That objective is to deliver low and stable prices, and is defined by the Government set inflation target of a 2 per cent year-over-year increase in the Consumer Prices Index. Decisions to achieve that objective are taken by the Bank’s Monetary Policy Committee (MPC).
  • To promote the safety and soundness of individual financial firms, the Prudential Regulation Authority (PRA) of the Bank regulates and supervises roughly 1,700 banks, building societies, credit unions, insurers and major investment firms.
  • To protect and enhance the resilience of the UK financial system as a whole, the Bank’s Financial Policy Committee (FPC) works to remove or reduce systemic risks. In short, this means working to prevent future financial crises, or reduce their frequency and severity.
  • Regulate and oversee key payment, clearing and settlement systems.
  • Act as lender and market maker of last resort at times of financial stress.
  • We work to safely resolve failing financial institutions
While the Bank’s responsibilities may be broad and wide-ranging, there are important benefits to having them housed within a single institution. Many of these responsibilities require common skills, information and analysis to fulfil. And there are often strong interactions among them, which require consistent, timely decision-making and effective management of any trade-offs.

The Bank’s job is to fulfil all of these responsibilities by working together in a coordinated way. By doing so, we can maximise the impact of each of our policies – always with a single, timeless mission in mind – to promote the good of the people of the United Kingdom.
Type
Private
HQ
London, GB
Founded
1694
Employees
2,976 (est)
Bank of England was founded in 1694 and is headquartered in London, GB

Bank of England Locations

London, GB

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Bank of England Summary

Founding Date

1694

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