Bank of England

The British central bank, which is responsible for printing money for England. In 1998, the Bank, which was founded in 1694 as the government’s banker and debt manager, assumed the additional responsibility for setting interest rates, which makes it one of the world’s oldest independent central banks. The Bank’s Monetary Policy Committee sets interest rates. The Committee meets once a month and releases its minutes two weeks after its last meeting. The Bank’s goal is to focus on price stability while simultaneously supporting the government’s policy of growth and employment. In 1998 the Bank’s regulatory functions were transferred to a newly created Financial Services Authority.