Bank of England
The Bank of England (BoE) is the central bank for the United Kingdom. Sometimes known as the ‘Old Lady of Threadneedle Street,’ the bank says its mission is to ‘promote the good of the people of the United Kingdom by maintaining monetary and financial stability’. Major peers outside the UK include The Federal Reserve (Fed) in the US, the European Central Bank (ECB) and the Bank of Japan (BoJ).
The Bank of England was established in 1694 to act as the banker to the British government, and is still owned by the government, although it currently has a remit to set monetary policy independently. Its roles include monetary policy and interest rate setting, producing the UK’s bank notes, supervising some bank payment systems, and ensuring the stability and safety of the financial system, which can include things like forcing commercial lenders to tighten credit lending rules.
The bank also has one of the world’s largest gold vaults, and stores gold on behalf of the UK government, other central banks and commercial firms. It is the world’s second-oldest central bank, after Sweden’s central bank, the Sveriges Riksbank.
