KnowledgeBank
The Bank of England has served the public for over 300 years by looking after the UK economy and financial system.
Here at the Bank of England we print the banknotes that you use to pay for things; and make sure they are strong, attractive and hard to forge.
When you pay for things electronically, we are working behind the scenes to make sure you can make these payments every second of every day.
We also make sure high street banks are safe and sound, and look at the entire financial system to reduce risks and keep it safe so money flows to where it is needed most.
We set the key interest rate in the economy called Bank Rate which then filters down into the interest rates offered when you put money into a savings account, or take out a loan.
Businesses depend on loans to expand and hire more staff. So interest rates also matter for them and their employees.
Hi, my name is Tiago, and I work at the Bank of England. The Bank of England is the central bank of the United Kingdom.
We’re different to a bank that you would come across in the high street. That means we don’t hold accounts or make loans to the public. We issue banknotes that you spend in shops. There are over 3 billion of these notes in circulation, worth over £60 billion.
We set the official interest rate for the United Kingdom. This is called Bank Rate. It directly influences the cost of savings, loans and mortgage rates.
The Bank of England also keeps a close watch on the financial system, so you can have confidence that your money is safe, in good times and in bad.
Interested to find out more? Explore KnowledgeBank to discover various aspects of our role, explained in simple terms.