What is the Bank of England?
Q: What is the Bank of England?
A: The Bank of England is the central bank of the United Kingdom, which was set up to act as the government's banker and is still the banker for the British Government.
Q: When was the Bank of England privately owned?
A: The Bank of England was privately owned from 1694.
Q: When did the Government take over the Bank of England?
A: The Government took over the Bank of England in 1946.
Q: Does the Bank of England have independence in setting monetary policy?
A: Yes, although wholly owned by the government, the Bank of England has independence in setting monetary policy.
Q: What is the Bank of England's role in issuing banknotes in the United Kingdom?
A: The Bank of England is one of eight banks authorised to issue banknotes in the UK. It has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.
Q: Who manages money supply and interest rates in the Bank of England?
A: The Bank of England's Monetary Policy Committee manages money supply and interest rates.
Q: Who succeeded Sir Mervyn King as Governor of the Bank of England?
A: Mark Carney succeeded Sir Mervyn King as Governor of the Bank of England on 1 July 2013.
