The Bank of England is the UK’s central bank. Their mission is to promote the good of the people by maintaining monetary and financial stability.
In a nutshell, they regulate other banks, issue banknotes, set monetary policy and maintain stability.
One of their most well-known responsibilities is to design and print banknotes and make sure they get to the places they’re needed. Only the Bank of England can issue banknotes in England and Wales, but seven commercial banks can issue them in Scotland and Northern Ireland.
They have to make sure that people have confidence in their currency, in other words, that they can feel sure that the banknotes they use are genuine. So they make sure that their banknotes include the latest anti-forgery features and provide training and education resources to help people spot fake notes.
The Bank of England is responsible for keeping the UK’s economy on the right track. One of the ways that they do this is through monetary policy. They operate monetary policy by moving the interest rate up and down and in certain circumstances, they also supplement this with measures such as quantitative easing. Decisions on monetary policy are made by their Monetary Policy Committee (MPC) eight times a year.
The Bank of England is responsible for making sure the financial system is safe and sound. They also provide critical services to the real economy in good times and bad. Their Financial Policy Committee (FPC) identifies and monitors risks in the financial system and takes action to reduce or remove them where necessary. They can offer possible liquidity support to financial institutions which are struggling to secure access to sufficient cashflow, potentially putting them in danger of collapse.
The Bank of England also gathers and analyses data from banks and building societies, credit unions, insurers and mortgage companies and publish much of this data in our regular statistical releases. The data they gather is used within the Bank to inform policy decisions and also by UK government departments and international organisations. The Office for National Statistics (ONS) is a major customer for their data and they also provide data to the European Central Bank (ECB) and the Bank for International Settlements (BIS).
Address: Harvester House, 4-8 Adelaide Street, Belfast, BT2 8GA
Telephone: 028 9024 1692