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.
Company Growth (employees)
Type
Private
HQ
London, GB
Founded
1694
Size (employees)
3,660 (est)
Bank of England was founded in 1694 and is headquartered in London, GB

Bank of England Office Locations

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

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Founding Date

1694

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Bank of England News and Updates

Brexit does not mean lower interest rates says Bank of England deputy

The Brexit process will not necessarily force the Bank of England to lower interest rates, according to one of its influential deputy governors. The Bank cut its main interest rate after the Brexit vote because of a sharp fall in consumer and business confidence, but the potential impacts from th…

Wages to gain momentum in 2018 says Bank of England survey

Wage growth is expected to pick up over the course of 2018, according to new data published today by the Bank of England, with employers still intending to add more workers amid an historically tight labour market. Pay settlements will be between 2.5 per cent and 3.5 per cent higher next year, an…

The Bank of England raised interest rates for the first time in a decade, and it’s not happy about it

For more than a decade, the UK economy was deemed too weak to withstand an increase in interest rates. Today, for the first time since…

Bank of England calls for Brexit derivatives contract fix between UK and EU

Top officials from the Bank of England today called for the government to agree a fix with the EU for financial contracts which may be at risk of legal invalidation after Brexit. An explicit agreement at the level of a treaty on the legality of contracts between the UK and the EU would give firms…

Bank of England to change tack on rate hike, but it won't be plain sailing

The Bank of England is expected to raise interest rates at its latest monetary policy committee (MPC) meeting this week, but economists predict two or more members will vote against the first hike in more than a decade. Market expectations of a hike have risen to fever pitch after Bank officials,…

A November Bank of England hike looks likely, but what comes after that?

The City is divided over the future path of interest rates set by the Bank of England, as one of its leading policymakers gave another clear sign that an interest rate hike could come in November. Ian McCafferty, an external member of the Bank’s rate-setting monetary policy committee (MPC), reite…
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