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.
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Type
Private
HQ
London, GB
Founded
1694
Size (employees)
3,793 (est)
Bank of England was founded in 1694 and is headquartered in London, GB
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Key People/Management at Bank of England

Lea Paterson

Lea Paterson

HR Executive Director
Jonathan Curtiss

Jonathan Curtiss

HR Executive Director

Bank of England Office Locations

Bank of England has an office in London
London, GB (HQ)
Threadneedle St
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Bank of England Financials and Metrics

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Founding Date

1694
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Bank of England News and Updates

The Bank of England is heading for 'a car crash' when the next financial crisis starts

The Bank of England has been criticised by a leading think-tank for being "dangerously ill-equipped" to deal with the next recession to hit the UK. A report from the Institute for Public Policy Research (IPPR) argues that the bank has kept interest rates too low for too long, and is setting itself…

John McDonnell: Bank of England could target unemployment rate under Labour

A Labour government would consider changing the mandate of the Bank of England to make it target unemployment as well as inflation, the shadow chancellor said today. Labour’s John McDonnell reiterated that the Bank would retain its independence if he were to become chancellor, but said that its t…

Bank of England boss lowers Brexit job loss estimate

One of the Bank of England's top officials has cut his forecast for the number of job losses the City will endure as a result of Brexit.  Deputy governor Sam Woods reiterated his forecast that one-to-two per cent of bank and insurance jobs would move out of London, equivalent to around 5,000-10,0…

Top Bank of England official warns of risks building in UK mortgage market

A top Bank of England official has warned that the UK’s mortgage market is showing signs of increasing risk in a speech today. Alex Brazier, executive director for financial stability strategy and risk at the Bank of England, said that the UK’s mortgage market was showing signs of greater risk. …

Activist Billy Bragg heads to the Bank of England to "look them in the eye"

Singer and activist Billy Bragg is hoping to take Bank of England officials and leading City bigwigs out of their comfort zone when delivering a sold-out lecture at the Threadneedle Street later today. Having built up a decades-long reputation for campaigning against the establishment, Bragg will…

DEBATE: Should weaker inflation stop the Bank of England raising rates?

Should the weaker inflation figures stop the Bank of England from raising rates next month? Samuel Tombs, chief UK economist at Pantheon Macroeconomics, says YES. Inflation’s rapid fall to 2.5 per cent in March – well below the MPC’s 2.8 per cent forecast – from 3.0 per cent at the start of th…
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