Definition of Bank of England
Bank of England:
The central bank of the UK and historically the supervisor of the banking system, although this role is now conducted by the Financial Services 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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