The Bank of England Governor Company central United Kingdom banker banking finance financial economic economy HM Government
The Bank of England (formally the Governor and Company of the Bank of England) is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world (the oldest being the Bank of Sweden, established in 1668). It was established to act as the English Government's banker, and to this day it still acts as the banker for HM Government. The Bank was privately owned and operated from its foundation in 1694. It was subordinated to the Treasury after 1931 in making policy and was nationalised in 1946. In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the Government, with independence in setting monetary policy. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, but has a monopoly on the issue 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 devolved responsibility for managing the monetary policy of the country. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by Parliament within 28 days. The Bank's Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UK's financial sector.
Size: 3903px × 2808px
Photo credit: © SOTK2011 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: -fashioned, 1800, 19th, 2d, academic, age, aged, ancient, antiquarian, antique, antiquity, architect, architectural, architecture, art, artistic, bank, banker, banking, black, book, building, buildings, bw, bygone, century, classical, column, construction, copy, craft, cut, cut-, debt, drawing, edifice, embossed, empire, england, engrave, engraved, engraver, engraving, etching, europe, expression, facade, fascia, figure, finance, formal, front, frontage, frontispiece, gold, graphic, hall, hand, heritage, historic, historical, history, house, illustrated, illustration, image, imperial, infrastructure, majesty, mansion, mason, masonry, master, monotone, monument, national, nineteenth, notable, obscure, obsolete, olden, original, palace, paper, period, pictorial, picture, portrait, pre, press, print, printed, printing, proof, publication, publicity, rare, real, realism, realistic, reference, relief, replica, represent, representation, repro, reproduce, reproduction, reserve, retro, romantic, roof, sculpted, social, spire, standard, steel, stone, structure, studio, style, teach, time, title, tool, topic, topical, tower, town, tract, unusual, victoria, victorian, vintage, white, window, windows
