What is the Bank of England?
Definition of Bank of England: It was earlier the company of the Governor of England. It can be described as the central bank that serves the entire UK. It was set up in 1694 and acts as a banker of the government. It structure and operation is regarded as a model according to which most of the large, modern central banks are based on. The Monetary Policy Committee of the bank has the main responsibility for managing the country’s monetary policy and for deciding the interest rate. The headquarters of the bank is located in the financial district of London, located on the Thread needle Street. Sometimes, it is also known as “Old Lady of Thread needle Street”. The significant role of the bank is to maintain cost stability and to offer support to the monetary policies of the Government. This in turn helps in promoting economic growth. Steady prices in the currency comprises of monetary stability. The banks control the problem related to bank notes in Wales and England.