The Bank of England, the central bank of the United Kingdom, was established in 1694 and is the second oldest central bank in the world. It was founded to act as the English Government's banker and debt manager. The bank was initially a private institution that raised funds by issuing bonds. In 1946, it was nationalized, and in 1998, it became an independent public organization owned by the Treasury Solicitor on behalf of the government. Its headquarters have been located in London's financial district on Threadneedle Street since 1734, earning it the nickname "The Old Lady of Threadneedle Street". The Bank of England is considered one of the world's most important central banks.
The Bank of England's primary mission is to deliver monetary and financial stability for the United Kingdom. Andrew Bailey has served as the Governor of the Bank of England since March 2020; his term is scheduled to end on March 15, 2028. The bank manages the UK's Exchange Equalisation Account on behalf of HM Treasury and maintains the government's Consolidated Fund account. It also manages the country's foreign exchange reserves and is the custodian of the UK's gold reserves. In February 2026, the Bank of England held the interest rate at 3.75%. The Monetary Policy Committee voted 5-4 to maintain the rate, with Governor Andrew Bailey casting the deciding vote.
