Bank of England - BoE

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DEFINITION of 'Bank of England - BoE'

The Bank of England is the central bank for the United Kingdom. It has a wide range of responsibilities, similar to those of most central banks around the world. For example, it acts as the government's bank and the lender of last resort, it issues currency and, most importantly, it oversees monetary policy.

BREAKING DOWN 'Bank of England - BoE'

Sometimes known as "the Old Lady of Threadneedle Street", the BoE is the UK's equivalent of the Federal Reserve in the United States.

One interesting fact about the BoE is that it has been responsible for setting the UK's official interest rate only since 1997.

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