National currency: pound
One of the world's older central banks, the Bank of
England was established by an Act of Parliament in 1694. The Bank,
known as the "Old Lady of Threadneedle Street," has stood at the
financial center of the City of London since 1734. As the central
bank of the United Kingdom, the Bank serves as the central bank
for England, Wales, Scotland and Northern Ireland.
The Bank of England's main responsibilities are to:
In June 1998, legislation takes effect giving the Bank of England operational
independence with respect to monetary policy. In addition, the bank's
traditional duties as the government's agent for debt management, the
sale of government bills and bonds (gilts), oversight of the gilts market
and cash management are transferred to the Treasury.
Moreover, the Bank of England's responsibility for supervising banks
transfers to the Financial Services Authority.
The bank is managed by the Court of Directors appointed by the Crown
and consisting of the governor, two deputies and 16 nonexecutive members
drawn widely from industry, commerce and finance.
See more about the Bank of England.