Bank of England

Bank of England
the central bank of the United Kingdom, in London. It is the official source of all paper money in Britain, it advises the government on financial matters, and it acts as banker to the government and to other banks. It was privately owned until 1946, when it came under government control. Since 1997 it has been responsible for deciding on the minimum lending rate.

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Central bank of Britain, headquartered in London.

Incorporated by act of Parliament in 1694, it soon became the largest and most prestigious financial institution in England. It did not assume the responsibilities of a central bank until the 19th century, and it was privately owned until 1946, when it was nationalized.

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