Bank of England

views updated Jun 27 2018

Bank of England Britain's central banking institution, founded in 1694 by a group of London merchants. Nationalized in 1946, it regulates foreign exchange, issues bank notes, advises the government on monetary matters and acts as the government's financial agent. It is situated in Threadneedle Street, City of London. The governor of the Bank of England is appointed by the government. Since 1997, following legislation put forward by Gordon Brown, the Bank has operational responsibility for setting national interest rates.