One of our main jobs is to make sure you can pay for things easily and securely in the UK. So we produce banknotes (cash) and oversee many of the other payment systems you use (eg with a debit or credit card).
Who owns the money in the Bank of England?
We are wholly-owned by the UK government. The capital of the Bank is held by the Treasury Solicitor on behalf of HM Treasury. Although we are owned by HM Treasury, we carry out our responsibilities independently.
What does the Bank of England actually do?
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.
Where does Englands money come from?
The sectors that contribute most to the U.K.’s GDP are services, manufacturing, construction, and tourism.