Definition of Bank of England

Bank of England

The central bank of the UK and supervisor of the banking system via the Prudential Regulatory Authority. The Bank of England is banker to the government and to other banks. It is the sole issuer of bank notes for England and Wales. The Bank is the lender of last resort to the banking system. Since 1998, the Bank's Monetary Policy Committee (MPC) has been solely responsible for setting interest rates with the aim of keeping inflation below the target set by the Government.

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