Knowledge Identifier: &Bank_of_England
Category: Business (2)
Founded in 1946.
Countries: United Kingdom (63%), (20%), United States (7%)
Linked to: Monetary Policy Committee, Financial Policy Committee, Governor of the Bank of England, Allies of World War II
International Financial Services London - British Invisibles itself originated in the "'Committee on Invisible Exports"', set up in April 1968 by the Bank of England and became the "'British Invisible Exports Council"'
Bank of England Nominees Limited was granted an exemption by Edmund Dell, Secretary of State for Trade, from the disclosure requirements under Section 27 of the Companies Act 1976, because, it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders
Johnson Matthey - To prevent a wider banking crisis the Bank of England organized a rescue package on the evening of 30 September 1984, purchasing JMB for £1
The handing over of monetary policy to the Bank had been a key plank of the Liberal Democrats' economic policy since the 1992 general election
Midland Bank - At the time it was one of the largest acquisitions in banking history, and gave HSBC a major foothold in Europe, which it needed to complement its existing business in Asia and the Americas, when it had to move its Hong Kong-based headquarters to London in 1 January 1993, accepting primary banking supervision by the Bank of England
Economy of the United Kingdom - Since 1997, the Bank of England's &Monetary_Policy_Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year
Monetary Policy Committee - Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the Committee was designed to be independent of political interference and thus to add credibility to interest rate decisions
Monetary Policy Committee - Guidelines for the creation of a new "Monetary Policy Committee" were laid out in the Bank of England Act 1998
Monetary Policy Committee - Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range
The Bank decided to sell its bank note printing operations to De La Rue in December 2002, under the advice of Close Brothers Corporate Finance Ltd.
Peter Jay - He was a non-executive director of the Bank of England from June 2003 to May 2009
Monetary Policy Committee - As of January 2008, Mervyn King, the Bank of England's Governor, was the only MPC member to have taken part in every meeting since 1997. but she is stepping down after July 2010
HBOS - In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding
Co-operative Banking Group - Further financial restructuring will be required, and the option of the Bank of England taking over the ownership of the bank under the Banking Act 2009 has been considered
The Co-operative Bank - The bondholders may seek to reject the restructuring proposed, and an alternative option of the Bank of England taking over the ownership of the bank under the Banking Act 2009 special resolution regime has been considered
Kevin Whately - The BBC documentary "Who Do You Think You Are-", broadcast on 2 March 2009, revealed that Whately is a descendent, on his paternal side, of Thomas Whately of Nonsuch Park, a leading London merchant, English politician and writer who became a director of the Bank of England, and of Major Robert Thompson, a pioneer tobacco plantation owner in Virginia who was a staunch supporter of the Parliamentarian cause at the time of the English Commonwealth
Dunfermline Building Society - On 28 March 2009, reports indicated the Society was no longer viable, and would be put up for public sale, to be managed by the Bank of England
Quantitative easing - The Bank of England had purchased around £165 billion of assets by September 2009 and around £175 billion of assets by end of October 2010
In 2011 the interim Financial Policy Committee was created as a mirror committee to the MPC to spearhead the Bank's new mandate on financial stability
Quantitative easing - In 2012 the Bank of England itself estimated that quantitative easing had benefited households differently, according to the assets they hold; richer households have more assets
Quantitative easing - In August 2012 Bank of England issued a report stating that its policies of quantitative easing had benefited mainly the wealthy
Occupy movement - In October 2012 the Executive Director of Financial Stability at the Bank of England stated the protesters were right to criticise and had persuaded bankers and politicians "to behave in a more moral way"
Scotland - The value of the Scottish banknotes in circulation in 2013 was £3,8 billion, underwritten by the Bank of England using funds deposited by each clearing bank, under the Banking Act 2009, in order to cover the total value of such notes in circulation
The Co-operative Bank - However the bank is unlikely to meet the new Bank of England financial stress tests for December 2014
Proposed referendum on United Kingdom membership of the European Union - In November 2015, Governor of Bank of England Mark Carney said that the Bank of England would do what is necessary to help UK economy if the British people vote to leave the EU.
Mark Carney - As Governor of the Bank of England, Carney was criticised during the 2016 EU membership referendum for giving pro-EU statements, something which has led to Leave campaigners and sections of the media to call for his resignation
J. M. W. Turner - On 22 April 2016, it was announced by the Bank of England that Turner would appear on the next issue of the £20 note, as the result of a selection process to choose a representative from the field of visual arts
David Blanchflower - Blanchflower quit the panel and said he would wind up his review of the role of the Bank of England on 28 June 2016 following the mass resignations of the Shadow Cabinet, joining them in calling for Corbyn to step down
Pound sterling - However, the Bank of England is scheduled to introduce £5 polymer banknotes in September 2016
Proposed referendum on United Kingdom membership of the European Union - On 5 January 2017, Andy Haldane, former Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England, admitted that the Bank's forecasts had proved inaccurate given the subsequent strong market performance, blaming the failure of economic models to cope with irrational behaviour in the modern era, and said that his "profession is to some degree in crisis" due to this and the unforeseen 2008 crash
CHAPS - Responsibility for the CHAPS system transferred from it to the Bank of England in November 2017