The Bank of England is owned by the UK government. Parliament has given us powers through legislation, which means that we are accountable to both Parliament and the public.
The Bank is overseen by a board of directors, known as the Court of Directors
, who are appointed by the Queen on the recommendation of the Prime Minister and the Chancellor. Court is responsible for setting and monitoring the Bank's strategy and taking key decisions on spending and appointments. The government chooses one of the non-executive, or external, members to chair Court.
The PRA has a Board that is responsible for taking the most important decisions about the rules that apply to firms and the supervision of individual firms. The Board prepares a strategy each year, in consultation with the Bank’s Court of Directors. This sets out how the PRA will meet its objectives, which are determined by Parliament.
Bank of England legislation
The Bank was originally established by Royal Charter under the Bank of England Act 1694. Since then a number of laws have been made that affect the Bank: