Bank of England

Bank of England
Governor of the Bank of England	Eli Goldsmith
Type	Public body
Founded	1694
Sets	Bank Rate
Independent since	1997
Headquarters	Threadneedle Street, London, EC2R 8AH

The Bank of England is the central bank of the United Kingdom. It sets Bank Rate, the interest rate that the high-street banks' rates follow, and works to keep prices stable and the financial system safe. It is led by the Governor of the Bank of England.

History

The Bank was founded in 1694 to lend money to the government of William III, and is the second oldest central bank in the world. It moved to Threadneedle Street in the City of London in 1734, which earned it the nickname "the Old Lady of Threadneedle Street". It was nationalised in 1946 and given independence to set interest rates in 1997.

Role

In UKOGB the Bank's decisions reach every member's money. Each bank's savings accounts and loans pay or charge Bank Rate plus their own margin, so when the Bank moves the rate, the whole economy moves with it. The rate also sets the yields on gilts traded on the London Stock Exchange, and it is one of the inputs to the figures the Office for National Statistics publishes.

Positions

In UKOGB the Bank of England is run by members who hold its posts on the website. Its head is the Governor of the Bank of England, who can edit the organisation's page, appoint people to its other roles and speak for it in public. The current holders are shown in the box on this page and on the organisation's page on the website, and each post brings its own Discord roles and website permissions.

• Governor of the Bank of England (head)