Bank of England

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Bank of England

established in 1694, the Bank of England is the central bank of the UK. It was nationalized by the Bank of England Act 1946 and acts as the competent authority for the banking sector under regulatory powers conferred by the Banking Act 1987. It now sets interest rates independent of government and in this respect resembles a central bank.
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Under a BOE insurance policy, the proceeds that are paid to the business in the event of an owner's disability are taxable to the business.