Bank of England
Elizabeth IIQueen-in-Parliament
The Bank of England is the central bank of the United Kingdom together with the usefulness example on which most modern central banks gain been based. defining in 1694 to act as the English Government's banker, together with still one of the bankers for the Government of the United Kingdom, this is the the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry.
The Bank became an self-employed adult public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in establish monetary policy.
The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the case 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 has a devolved responsibility for managing monetary policy. The Treasury has reserve powers to afford orders to the committee "if they are requested in the public interest and by extreme economic circumstances", but such(a) orders must be endorsed by Parliament within 28 days. The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to supervise regulation of the UK's financial sector.
The Bank's headquarters do 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, a name taken from a satirical cartoon by James Gillray in 1797. The road junction external is known as Bank junction.
As a regulator and central bank, the Bank of England has not proposed consumer banking services for numerous years, but it still does supply some public-facing services such(a) as exchanging superseded bank notes. Until 2016 the bank submitted personal banking services as a privilege for employees.