Bank of England
<p>The Bank of England (BoE) is
the central bank of the United Kingdom. Sometimes known as the “Old
Lady” of Threadneedle Street, the Bank was founded in 1694 with a
founding charter that stated its purpose was to “promote the public
good and benefit of our people”.
</p><p>It is the
second oldest central bank in the world, after the Sveriges Riksbank,
and the world's 8th oldest bank.
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.
Bank's Monetary Policy Committee has devolved responsibility for
managing monetary policy. The Treasury has reserve powers to give
orders to the committee "if
they are required in the public interest and by extreme economic
such orders must be endorsed by Parliament within 28 days.
of the Bank of England is Mark Carney, who assumed the post on 1 July
2013, succeeding Mervyn King, who took over on 30 June 2003.