The Bank of England
The Bank of England is the central Bank of the United Kingdom. Sometimes known as the "Old Lady" of Threadneedle Street, the Bank was founded in 1694, nationalised on 01 March 1946, and gained operational independence in 1997.
Standing at the centre of the UK's financial system, the Bank is committed to promoting and maintaining a stable and efficient monetary and financial framework as its contribution to a healthy economy.
The Bank's roles and functions have evolved and changed over its three-hundred year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally - the Bankers' Bank. As well as providing banking services to its customers, the Bank of England manages the UK's foreign exchange and gold reserves and the Government's stock register.
The Bank is perhaps most visible to the general public through its banknotes and, more recently, its interest rate decisions. The Bank has had a monopoly on the issue of banknotes in England and Wales since the early 20th century. But it is only since 1997 that the Bank has had statutory responsibility for setting the UK's official interest rate.
The Bank is also responsible for maintaining stability in the financial system - a healthy financial system is vital to the proper functioning of the economy. The Bank analyses and promotes initiatives to strengthen the financial system, and monitors financial developments to try to identify potential threats to financial stability. It also undertakes work on the arrangements for handling financial crises should they occur and is the financial system's 'lender of last resort' in exceptional circumstances. In this work, the Bank cooperates closely with Her Majesty's Treasury and the Financial Services Authority, the regulator of banks and other financial institutions in the UK.
Much of the Bank's work involves liaison and cooperation with the Government, institutions and other central banks. Given London's position as a large international financial centre, the Bank's work addresses international as well as domestic developments. The Bank participates in many international forums involved in promoting the health of the world economy and global financial system.
Contact details
The Bank of England
Threadneedle Street
London EC2R 8AH
Tel: 020 7601 4444
Fax: 020 7601 5460
enquiries@bankofengland.co.uk
www.bankofengland.co.uk