The Bank of England is the UK’s central bank. Our mission is to promote the good of the people by maintaining monetary and financial stability.
In a nutshell, we regulate other banks, issue banknotes, set monetary policy and maintain stability.
One of our 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. We have to make sure that people have confidence in our currency – in other words, that they can feel sure that the banknotes they use are genuine. So we make sure our banknotes include the latest anti-forgery features, and we 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 we do this is through monetary policy. We operate monetary policy by moving the interest rate (formally known as Bank Rate) up and down and, in certain circumstances, we also supplement this with measures such as quantitative easing. Decisions on monetary policy are made by our Monetary Policy Committee (MPC) eight times a year.
The Bank of England is responsible for making sure the financial system is safe and sound. We also provide critical services to the real economy in good times and bad. Our Financial Policy Committee (FPC) identifies and monitors risks in the financial system and takes action to reduce or remove them where necessary. We can offer possible liquidity support to financial institutions which are struggling to secure access to sufficient cashflow, potentially putting them in danger of collapse. We don’t, however, offer financial support to firms that are in danger of insolvency. Instead, we manage failed financial institutions through our resolution process.
We gather and analyse data from banks and building societies, credit unions, insurers and mortgage companies. We publish much of this data in our regular statistical releases. The data we 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 our data. We 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