Bank of England

The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank, and the world's 8th oldest bank. It was established to act as the English Government's banker and is still the banker for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until nationalised in 1946.

In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy.

The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, but has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.

The Bank's Monetary Policy Committee has devolved responsibility for managing monetary policy. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by Parliament within 28 days. The Bank's Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UK's financial sector.

England

England ⁱ/ˈɪŋɡlənd/ is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west. The Irish Sea lies northwest of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers much of the central and southern part of the island of Great Britain, which lies in the North Atlantic; and includes over 100 smaller islands such as the Isles of Scilly, and the Isle of Wight.

The area now called England was first inhabited by modern humans during the Upper Palaeolithic period, but takes its name from the Angles, one of the Germanic tribes who settled during the 5th and 6th centuries. England became a unified state in the 10th century, and since the Age of Discovery, which began during the 15th century, has had a significant cultural and legal impact on the wider world. The English language, the Anglican Church, and English law – the basis for the common law legal systems of many other countries around the world – developed in England, and the country's parliamentary system of government has been widely adopted by other nations. The Industrial Revolution began in 18th-century England, transforming its society into the world's first industrialised nation.