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The Bank of England is the central bank of the United Kingdom and serves as the model for most modern central banks. It is the world’s eighth-oldest bank, founded in 1694 to operate as the English Government’s banker and still one of the bankers for the Government of the United Kingdom. It was privately owned by stockholders from its inception in 1694 until it was nationalized by the Attlee government in 1946.

In 1998, the bank became an autonomous public organization, entirely controlled by the Treasury Solicitor on behalf of the government, with a mandate to support the economic goals of the day’s government while ensuring price stability.

The bank is one of eight banks in the United Kingdom that are authorized to issue banknotes. It has a monopoly on the issue of banknotes in England and Wales and oversees the issue of banknotes by commercial banks in Scotland and Northern Ireland.

Monetary policy management has been outsourced to the bank’s Monetary Policy Committee. The Treasury has reserved the right to issue orders to the committee “if they are required in the public interest and by extraordinary economic conditions,” but such measures must be approved by Parliament within 28 days. Furthermore, the Financial Policy Committee of the bank was established in 2011 as a macroprudential regulator to regulate the UK’s financial system.

Since 1734, the bank’s headquarters have been on Threadneedle Street in London’s principal financial center, the City of London. It is also known as The Old Woman of Threadneedle Street, after a satirical cartoon created by James Gillray in 1797. Bank Junction is the name of the road intersection outside.

The Bank of England, as a regulator and central bank, has not offered consumer banking services in many years, but it still manages some public-facing activities, such as exchanging obsolete bank notes. Until 2016, the bank offered personal banking services as a privilege for employees.

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