Central Bank Of England

BOE

The Bank of England is the central bank of England. The BOE is a public body that answers to the people of the UK through Parliament.  It started over 300 years ago as a private bank with shareholders. In 1946, the Government nationalised the BOE because of it’s central importance to the UK’s economy. In 1997, the Government granted teh BOE independence in some areas of its work because as they wanted its decisions to be free from party-political influence.

Monetary Policy Overview

Monetary policy affects how much prices are rising – called the rate of inflation. Monetary policy is set to achieve the Government’s target of keeping inflation at 2%. Low and stable inflation is good for the UK’s economy and it is the main monetary policy aim. The BOE also support the Government’s other economic aims for growth and employment. Sometimes, in the short term, they need to balance thier target of low inflation with supporting economic growth and jobs.

Mandate

To maintain price stability and to ensure the stability of the financial system, which makes inflation the central bank’s top focus.

Frequency of Meeting

Once or twice a month

Learn more about the BOE & how they determine Monetary Policy

Governance & Funding

Monetary Policy

Statistical Releases

GOVERNOR:
Andrew Bailey
MONETARY POLICY COMMITTEE:
Ben Broadbent, Deputy
Sir Jon Cunliffe, Deputy
Andy Haldane, Chief Economist
Ian McCafferty, External
Sir David Ramsden, Deputy
Michael Saunders, External
Silvana Tenreyro, External
Dr Gertjan Vlieghe, External

Research other Central Banks

Federal Reserve | European Central Bank | Bank Of Japan | Reserve Bank Of Australia | Reserve Bank Of New Zealand | Bank Of Canada | Swiss National Bank

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