About Bank Of England
The Bank of England is the central bank of the United Kingdom.
Bank Of England Description
The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
That mission starts with the most recognisable of the Bank’s responsibilities – maintaining public confidence in the bank notes we all carry in our pockets and wallets. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting.
But confidence in our money is about more than just the bank notes we use. It is also about protecting the value of that money over time, so that households and businesses can plan, invest, save and spend with confidence. The Bank plays a vital role in maintaining this confidence through its monetary stability objective.
That objective is to deliver low and stable prices, and is defined by the Government set inflation target of a 2 per cent year-over-year increase in the Consumer Prices Index. Decisions to achieve that objective are taken by the Bank’s Monetary Policy Committee (MPC).
As the financial crisis revealed, however, price stability alone is not enough to ensure overall economic stability. Financial stability – public trust and confidence in financial institutions, markets, infrastructure, and the system as a whole – is just as important.
In the wake of the crisis, the Bank has been given several important responsibilities for maintaining financial stability.
To promote the safety and soundness of individual financial firms, the Prudential Regulation Authority (PRA) of the Bank regulates and supervises roughly 1, 700 banks, building societies, credit unions, insurers and major investment firms.
To protect and enhance the resilience of the UK financial system as a whole, the Bank’s Financial Policy Committee (FPC) works to remove or reduce systemic risks. In short, this means working to prevent future financial crises, or reduce their frequency and severity.
The Bank of England also fulfils several other financial stability roles:
- We regulate and oversee key payment, clearing and settlement systems.
- We act as lender and market maker of last resort at times of financial stress;
- We work to safely resolve failing financial institutions.
While the Bank’s responsibilities may be broad and wide-ranging, there are important benefits to having them housed within a single institution. Many of these responsibilities require common skills, information and analysis to fulfil. And there are often strong interactions among them, which require consistent, timely decision-making and effective management of any trade-offs.
The Bank’s job is to fulfil all of these responsibilities by working together in a coordinated way. By doing so, we can maximise the impact of each of our policies – always with a single, timeless mission in mind – to promote the good of the people of the United Kingdom.
Reviews
Over the past year or so, GDP growth has evolved broadly as the MPC expected, but its composition has differed. Business investment and net trade have been much weaker than anticipated, while household consumption has been stronger. #BankOverground https://b-o-e.uk/2IDCTYD
Not all skills can be replaced. Search and see which jobs are more likely to become automated in our KnowledgeBank guide: https://b-o-e.uk/2Wsu1hX #BoEKnowledgeBank.
We need to engage with a range of people to understand more about the economy. So we’re hosting Community Forums, to hear from you.
Find out more about our Community Forum in Corby from our Executive Director, Alex Brazier here: https://www.bankofengland.co.uk/…/2019/ may/community-forum-…
Thinking about breakfast? Since 2010 the price of an avocado has increased by 27% unlike a box of medium eggs which has gone down by 27%. See how prices of other items have changed in our #BoEKnowledgeBank guide.
We want everyone who works for us to feel that they can be themselves at work. To show our support for #MentalHealthAwarenessWeek we’re wearing green ribbons. And last night we turned our Threadneedle Street building green.
Ed Smith, former England cricketer and author is joining us for a #OneBankFlagship seminar. Find out more about his life after cricket and why he turned to writing.
A big congratulations to our #FTblog competition runners up - Sofia Comper-Cavanna from Burgess Hill Girls school and Utkarsh Dandanayak from RGS Guildford. Once again thank you to everyone who took part. Look out for competition winner, Estelle McCool from King's College London Maths School in the Financial Times online and Bank Underground. https://b-o-e.uk/2HaLTEJ
What is the future of money? We asked schools and colleges to blog about it for our #FTBlog competition.
After seeing nearly 200 entries, we are excited to announce the winner, Estelle McCool from King's College London Maths School.
Congratulations! Her blog, which will feature in the Financial Times online and on Bank Underground.
... Thank you to everyone who took part this year. https://b-o-e.uk/2VPxsyg
See More
We have kept interest rates at 0.75%. Find out why in our visual summary. #InflationReport
We will be ‘in conversation’ with former England cricketer and author Ed Smith at 12pm on 13 May 2019. To apply for a free place at this live event see: https://b-o-e.uk/2IRfntv #OneBankFlagship
Chi-chi Nwanoku, internationally known double bassist and founder of Chineke! Foundation, is joining us for a #OneBankFlagship seminar. Find out more about the work she does to represent black and minority ethnic groups in classical music.
Nearly 1000 people discussed the future of money with us on our online platform, Future Forum. Thanks to everyone who participated. If you missed it, see the highlights on our website. #FutureForumBoE
Are you a student from a Black, Mixed African or Caribbean background? If you’re starting your undergraduate degree in autumn, you can apply for our African-Caribbean Scholarship now.
What role do central banks play in the economy? Finimize explain the basics in their handy guide.
Ex-sprinter turned international classical musician, Chi-chi Nwanoku, is joining us for our #OneBankFlagshipSeminar on 26 March at 4pm. She’ll be speaking to us about the work she does to break down barriers for black and minority ethnic groups within classical music. Apply for your free tickets today.
The Royal Family? Some wealthy private dynasty? The Illuminati? Find out the real answer on #BoEKnowledgeBank. It’s the economy made simple.
Can someone refuse your banknote because it’s not legal tender? Find out on #BoEKnowledgeBank. It’s the economy made simple.
Footballers are paid more than nurses, train drivers and even the Prime Minister. Why? Find out on #BoEKnowledgeBank. It’s the economy made simple.