Bank of England
The UK’s central bank, which sets monetary policy and oversees financial stability.
Founded in 1694, the Bank of England sets the Bank Rate (often called the base rate), which feeds through to mortgage rates, savings rates, and the cost of business borrowing. The Monetary Policy Committee meets eight times a year and targets 2% CPI inflation, with the Chancellor setting the remit. The Bank’s Prudential Regulation Authority supervises banks, building societies, insurers, and major investment firms for safety and soundness. The Financial Policy Committee monitors systemic risk. Banking products are PRA/FCA-regulated; investment products are primarily FCA-regulated.
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