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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As a central bank sitting at the heart of the UK financial system, the Bank of England needs to be playing an active, leading role, ensuring banks are helping UK companies to innovate.
The Bank of England will continue to exchange the old PS5 notes for all time, as it would for any other Bank note which no longer has legal tender status.
Mark Carney, Governor of the Bank of England, described the rules as a "significant milestone" in ending 'too big to fail' in the UK.
HMRC interest rates are linked to the Bank of England base rate.
But slumping growth would argue for an opposite tack, easing monetary policy or keeping it loose, forcing the Bank of England to weigh a "trade-off between stabilizing inflation on the one hand and output and employment on the other.
The Bank of England was not forewarned nor forearmed in the way it was for the likes of the Royal Bank of Scotland and HBOS.
Yesterday's Bank of England survey confirmed lenders expect the number of super-stretch mortgages to come down in the next three months.
Mr Archer said: "Furthermore, the Bank of England modied its forward guidance policy in February to focus on the amount of slack it considers to be in the economy based on a broad range of indicators.
In its 1950 report the Bank of England said: "At the outbreak of war and for some time afterwards the Czech gold incident still rankled.
Carney will take over as Governor of the Bank of England from 1 July 2013.
The Bank of England is predicting that inflation will fall back towards the 2 percent target over the coming year as the British economy continues to flatline and last year's rise in sales tax drops out of the annual comparison.
The central bank of England has warned that inflation could increase in the near term.

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