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”.
It is the second oldest central bank in the world, after the Sveriges Riksbank, and the world's 8th oldest bank.
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 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 circumstances" but such orders must be endorsed by Parliament within 28 days.
The Governor 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.