Which British bank, founded in 1694, is the United Kingdom’s central bank?

The Bank of England, founded in 1694, is the United Kingdom’s central bank.

It was established by royal charter during the reign of William III to help the government raise money for war. The bank initially operated as a private joint-stock institution, lending to the government while also conducting commercial banking.

Today, the Bank of England is responsible for monetary policy, issuing banknotes in England and Wales, and supporting financial stability. Its Monetary Policy Committee sets the official Bank Rate used to influence inflation and economic activity.

The Bank of England is often confused with the Bank of Scotland, which is a commercial bank founded in 1695. It is also older than the United States Federal Reserve, created in 1913, but Sweden’s Riksbank began earlier, in 1668.