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Bank of England
|Bank of England|
|Headquarters||Threadneedle Street, London, England|
|Established||27 July 1694|
|Central bank of||United Kingdom|
|ISO 4217 Code||GBP|
|Base borrowing rate||0.5%|
The Bank of England is the central bank of the United Kingdom. It is the model on which most modern central banks have been based. It was set up to act as the government's banker, and is still the banker for the British Government. The Bank was privately owned from 1694 the Government took it over in 1946.
It is the second oldest central bank in the world (after the Swedish Riksbank), and the world's 8th oldest bank.
The Bank is one of eight banks authorised to issue banknotes in the United Kingdom. It has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.
The Bank's Monetary Policy Committee manages money supply and interest rates. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by Parliament within 28 days.
The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known as The Old Lady of Threadneedle Street or The Old Lady.
There will be a change in Governor on 1 July 2013. Mark Carney will assume the post of Governor of the Bank of England on 1 July 2013. He will succeed Sir Mervyn King, who took over on 30 June 2003. Carney will serve an initial five-year term, and will seek UK citizenship. He is the first non-Briton to hold the post.
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- 1 June 1998, The Bank of England Act 1998 (Commencement) Order 1998 s 2
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- "Act of Parliament gives devolved responsibility to the MPC with reserve powers for the Treasury". Opsi.gov.uk. http://www.opsi.gov.uk/acts/acts1998/ukpga_19980011_en_3#pt2-pb4-l1g19. Retrieved 10 May 2010.
- Historic UK, "The Old Lady of Threadneedle Street". Accessed 18 March 2012.
- . Accessed 26 November 2012.