The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946.
The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.
The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days. The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector.
The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction.
As a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016, the bank provided personal banking services as a privilege for employees.
|Governor and Company of the Bank of England|
England, United Kingdom
|Established||27 July 1694|
|Governor||Mark Carney (since 2013)|
|Central bank of||United Kingdom|
GBP (ISO 4217)
England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst for England rebuilding itself as a global power. England had no choice but to build a powerful navy. No public funds were available, and the credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 (at 8% p.a.) that the government wanted.
To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The Bank was given exclusive possession of the government's balances, and was the only limited-liability corporation allowed to issue bank notes. The lenders would give the government cash (bullion) and issue notes against the government bonds, which can be lent again. The £1.2m was raised in 12 days; half of this was used to rebuild the navy.
As a side effect, the huge industrial effort needed, including establishing ironworks to make more nails and advances in agriculture feeding the quadrupled strength of the navy, started to transform the economy. This helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful. The power of the navy made Britain the dominant world power in the late 18th and early 19th centuries.
The establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694. The plan of 1691, which had been proposed by William Paterson three years before, had not then been acted upon. 58 years earlier, in 1636, Financier to the king, Philip Burlamachi, had proposed exactly the same idea in a letter addressed to Sir Francis Windebank. He proposed a loan of £1.2m to the government; in return the subscribers would be incorporated as The Governor and Company of the Bank of England with long-term banking privileges including the issue of notes. The royal charter was granted on 27 July through the passage of the Tonnage Act 1694. Public finances were in such dire condition at the time that the terms of the loan were that it was to be serviced at a rate of 8% per annum, and there was also a service charge of £4,000 per annum for the management of the loan. The first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994. The charter was renewed in 1742, 1764, and 1781.
The Bank's original home was in Walbrook, a street in the City of London, where during reconstruction in 1954 archaeologists found the remains of a Roman temple of Mithras (Mithras is – rather fittingly – said to have been worshipped as, amongst other things, the God of Contracts); the Mithraeum ruins are perhaps the most famous of all 20th-century Roman discoveries in the City of London and can be viewed by the public.
The Bank moved to its current location in Threadneedle Street in 1734, and thereafter slowly acquired neighbouring land to create the site necessary for erecting the Bank's original home at this location, under the direction of its chief architect Sir John Soane, between 1790 and 1827. (Sir Herbert Baker's rebuilding of the Bank in the first half of the 20th century, demolishing most of Soane's masterpiece, was described by architectural historian Nikolaus Pevsner as "the greatest architectural crime, in the City of London, of the twentieth century".)
When the idea and reality of the national debt came about during the 18th century, this was also managed by the Bank. During the American war of independence, business for the Bank was so good that George Washington remained a shareholder throughout the period. By the charter renewal in 1781 it was also the bankers' bank – keeping enough gold to pay its notes on demand until 26 February 1797 when war had so diminished gold reserves that – following an invasion scare caused by the Battle of Fishguard days earlier – the government prohibited the Bank from paying out in gold by the passing of the Bank Restriction Act 1797. This prohibition lasted until 1821.
The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sole rights with regard to the issue of banknotes. Private banks that had previously had that right retained it, provided that their headquarters were outside London and that they deposited security against the notes that they issued. A few English banks continued to issue their own notes until the last of them was taken over in the 1930s. Scottish and Northern Irish private banks still have that right.
The last private bank in England to issue its own notes was Thomas Fox's Fox, Fowler and Company bank in Wellington, which rapidly expanded, until it merged with Lloyds Bank in 1927. They were legal tender until 1964. There are nine notes left in circulation; one is housed at Tone Dale House Wellington.
During the governorship of Montagu Norman, from 1920 to 1944, the Bank made deliberate efforts to move away from commercial banking and become a central bank. In 1946, shortly after the end of Norman's tenure, the bank was nationalised by the Labour government.
The Bank pursued the multiple goals of Keynesian economics after 1945, especially "easy money" and low interest rates to support aggregate demand. It tried to keep a fixed exchange rate, and attempted to deal with inflation and sterling weakness by credit and exchange controls.
In 1977, the Bank set up a wholly owned subsidiary called Bank of England Nominees Limited (BOEN), a private limited company, with two of its hundred £1 shares issued. According to its Memorandum & Articles of Association, its objectives are: "To act as Nominee or agent or attorney either solely or jointly with others, for any person or persons, partnership, company, corporation, government, state, organisation, sovereign, province, authority, or public body, or any group or association of them...." Bank of England Nominees Limited was granted an exemption by Edmund Dell, Secretary of State for Trade, from the disclosure requirements under Section 27(9) of the Companies Act 1976, because "it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders." The Bank of England is also protected by its royal charter status, and the Official Secrets Act. BOEN is a vehicle for governments and heads of state to invest in UK companies (subject to approval from the Secretary of State), providing they undertake "not to influence the affairs of the company". BOEN is no longer exempt from company law disclosure requirements. Although a dormant company, dormancy does not preclude a company actively operating as a nominee shareholder. BOEN has two shareholders: the Bank of England, and the Secretary of the Bank of England..
The reserve requirement for banks to hold a minimum fixed proportion of their deposits as reserves at the Bank of England was abolished in 1981: see reserve requirement for more details. The contemporary transition from Keynesian economics to Chicago economics was analysed by Nicholas Kaldor in The Scourge of Monetarism
On 6 May 1997, following the 1997 general election that brought a Labour government to power for the first time since 1979, it was announced by the Chancellor of the Exchequer, Gordon Brown, that the Bank would be granted operational independence over monetary policy. Under the terms of the Bank of England Act 1998 (which came into force on 1 June 1998), the Bank's Monetary Policy Committee was given sole responsibility for setting interest rates to meet the Government's Retail Prices Index (RPI) inflation target of 2.5%. The target has changed to 2% since the Consumer Price Index (CPI) replaced the Retail Prices Index as the Treasury's inflation index. If inflation overshoots or undershoots the target by more than 1%, the Governor has to write a letter to the Chancellor of the Exchequer explaining why, and how he will remedy the situation.
The success of inflation targeting in the United Kingdom has been attributed to the Bank's focus on transparency. The Bank of England has been a leader in producing innovative ways of communicating information to the public, especially through its Inflation Report, which have been emulated by many other central banks.
Independent central banks that adopt an inflation target are known as Friedmanite central banks. Inflation targets combined with central bank independence have been characterised as a "starve the beast" strategy creating a lack of money in the public sector. This change in Labour's politics was described by Skidelsky in The Return of the Master as a mistake and as an adoption of the Rational Expectations Hypothesis as promulgated by Walters
The handing over of monetary policy to the Bank had been a key plank of the Liberal Democrats' economic policy since the 1992 general election. Conservative MP Nicholas Budgen had also proposed this as a private member's bill in 1996, but the bill failed as it had the support of neither the government nor the opposition.
Mark Carney assumed the post of Governor of the Bank of England on 1 July 2013. He succeeded Mervyn King, who took over on 30 June 2003. Carney, a Canadian, will serve an initial five-year term rather than the typical eight. He became the first Governor not to be a UK citizen, but has since been granted citizenship. At Government request, his term was extended to 2019, then again to 2020.. As of January 2014, the Bank also has four Deputy Governors.
BOEN was dissolved, following liquidation, in July 2017. 
There are two main areas which are tackled by the Bank to ensure it carries out these functions efficiently:
Note: It is important to note that "monetary" and "financial" are synonyms.
Stable prices and confidence in the currency are the two main criteria for monetary stability. Stable prices are maintained by seeking to ensure that price increases meet the Government's inflation target. The Bank aims to meet this target by adjusting the base interest rate, which is decided by the Monetary Policy Committee, and through its communications strategy, such as publishing yield curves.
The Bank works together with other institutions to secure both monetary and financial stability, including:
The 1997 memorandum of understanding describes the terms under which the Bank, the Treasury and the FSA work toward the common aim of increased financial stability. In 2010 the incoming Chancellor announced his intention to merge the FSA back into the Bank. As of 2012, the current director for financial stability is Andy Haldane.
The Bank acts as the government's banker, and it maintains the government's Consolidated Fund account. It also manages the country's foreign exchange and gold reserves. The Bank also acts as the bankers' bank, especially in its capacity as a lender of last resort.
The Bank has a monopoly on the issue of banknotes in England and Wales. Scottish and Northern Irish banks retain the right to issue their own banknotes, but they must be backed one for one with deposits at the Bank, excepting a few million pounds representing the value of notes they had in circulation in 1845. The Bank decided to sell its banknote printing operations to De La Rue in December 2002, under the advice of Close Brothers Corporate Finance Ltd.
Since 1998, the Monetary Policy Committee (MPC) has had the responsibility for setting the official interest rate. However, with the decision to grant the Bank operational independence, responsibility for government debt management was transferred in 1998 to the new Debt Management Office, which also took over government cash management in 2000. Computershare took over as the registrar for UK Government bonds (gilt-edged securities or gilts) from the Bank at the end of 2004.
The Bank used to be responsible for the regulation and supervision of the banking and insurance industries. This responsibility was transferred to the Financial Services Authority in June 1998, but after the financial crises in 2008 new banking legislation transferred the responsibility for regulation and supervision of the banking and insurance industries back to the Bank.
In 2011 the interim Financial Policy Committee (FPC) was created as a mirror committee to the MPC to spearhead the Bank's new mandate on financial stability. The FPC is responsible for macro prudential regulation of all UK banks and insurance companies.
To help maintain economic stability, the Bank attempts to broaden understanding of its role, both through regular speeches and publications by senior Bank figures, a semiannual Financial Stability Report, and through a wider education strategy aimed at the general public. It currently maintains a free museum and ran the Target Two Point Zero competition for A-level students, closing in 2017.
The Bank has operated, since January 2009, an Asset Purchase Facility (APF) to buy "high-quality assets financed by the issue of Treasury bills and the DMO's cash management operations" and thereby improve liquidity in the credit markets. It has, since March 2009, also provided the mechanism by which the Bank's policy of quantitative easing (QE) is achieved, under the auspices of the MPC. Along with the managing the £200 billion of QE funds, the APF continues to operate its corporate facilities. Both are undertaken by a subsidiary company of the Bank of England, the Bank of England Asset Purchase Facility Fund Limited (BEAPFF).
The Bank has issued banknotes since 1694. Notes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855. Until 1928 all notes were "White Notes", printed in black and with a blank reverse. In the 18th and 19th centuries White Notes were issued in £1 and £2 denominations. During the 20th century White Notes were issued in denominations between £5 and £1000.
Until the mid-19th century, commercial banks were allowed to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. The Bank Charter Act 1844 began the process of restricting note issue to the Bank; new banks were prohibited from issuing their own banknotes and existing note-issuing banks were not permitted to expand their issue. As provincial banking companies merged to form larger banks, they lost their right to issue notes, and the English private banknote eventually disappeared, leaving the Bank with a monopoly of note issue in England and Wales. The last private bank to issue its own banknotes in England and Wales was Fox, Fowler and Company in 1921. However, the limitations of the 1844 Act only affected banks in England and Wales, and today three commercial banks in Scotland and four in Northern Ireland continue to issue their own banknotes, regulated by the Bank.
At the start of the First World War, the Currency and Bank Notes Act 1914 was passed, which granted temporary powers to HM Treasury for issuing banknotes to the values of £1 and 10/- (ten shillings). Treasury notes had full legal tender status and were not convertible into gold through the Bank; they replaced the gold coin in circulation to prevent a run on sterling and to enable raw material purchases for armament production. These notes featured an image of King George V (Bank of England notes did not begin to display an image of the monarch until 1960). The wording on each note was:
UNITED KINGDOM OF GREAT BRITAIN AND IRELAND – Currency notes are Legal Tender for the payment of any amount – Issued by the Lords Commissioners of His Majesty's Treasury under the Authority of Act of Parliament (4 & 5 Geo. V c.14).
Treasury notes were issued until 1928, when the Currency and Bank Notes Act 1928 returned note-issuing powers to the banks. The Bank of England issued notes for ten shillings and one pound for the first time on 22 November 1928.
During the Second World War the German Operation Bernhard attempted to counterfeit denominations between £5 and £50, producing 500,000 notes each month in 1943. The original plan was to parachute the money into the UK in an attempt to destabilise the British economy, but it was found more useful to use the notes to pay German agents operating throughout Europe. Although most fell into Allied hands at the end of the war, forgeries frequently appeared for years afterwards, which led banknote denominations above £5 to be removed from circulation.
The bank is custodian to the official gold reserves of the United Kingdom and around 30 other countries. The vault, beneath the City of London, covers a floor space greater than that of the fourth-tallest building in the City, Tower 42, and needs keys that are three feet (0.91 m) long to open. As of April 2016, the bank held around 400,000 bars, which is equivalent to 5,134 tonnes (5,659 tons) of gold. These gold deposits were estimated in August 2018 to have a current market value of approximately £200 billion. These estimates suggest the vault could hold as much as 3% of the gold mined throughout human history.
Following is a list of the Governors of the Bank of England since the beginning of the 20th century:
|Reginald Eden Johnston||1909–1911|
|Rowland Baring (3rd Earl of Cromer)||1961–1966|
The Court of Directors is a unitary board that is responsible for setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. It consists of five executive members from the Bank plus up to 9 non-executive members, all of whom are appointed by the Crown. The Chancellor selects the Chairman of the Court from among one of the non-executive members. The Court is required to meet at least 7 times a year. 
The Governor serves for a period of eight years, the Deputy Governors for five years, and the non-executive members for up to four years.
|Bradley Friend||Chairman of Court. Managing Partner of Grovepoint Capital LLP|
|Benjamin Broadbent||Deputy Governor, Monetary Policy|
|Sir Jon Cunliffe||Deputy Governor, Financial Stability|
|Sam Woods||Deputy Governor, Prudential Regulation & Chief Executive of the Prudential Regulation Authority|
|Sir David Ramsden||Deputy Governor, Markets and Banking|
|Anne Glover||Chief Executive and Co-Founder of Amadeus Capital Partners|
|Diana Noble||Non-Executive Director|
|Diana 'Dido' Harding||Member of the House of Lords|
|Dave Prentis||General Secretary of UNISON|
|Don Robert||Chairman, Experian plc|
|Dorothy Thompson||Chair of Tullow Oil plc,|
Representing the Bullionist perspective, Economist David Ricardo argued that the Bank of England caused inflation and depreciation of the pound by over-issuing banknotes to purchase government securities because of the 1797 suspension of convertibility of pound into specie. The convertibility was suspended to prevent widespread conversion of banknotes into specie as the likelihood of war between England and France grew and fears of a French invasion increased. Before 1797, banknotes issued by the Bank of England were required to be convertible into specie. In the end, Ricardo won with his recommendation to return to convertibility to prevent further conflicts and to ensure price stability. The suspension remained in effect until 1821. After convertibility was reinstated in 1821, the discussion shifted to the Currency-Banking Controversy.
The Bank of England Building is a Grade I listed building located in Liverpool, England. It was designed by Charles Robert Cockerell and built in a Neoclassical style between 1845 and 1848. The building was constructed as one of three branch banks for the Bank of England in the mid-19th century.The building combines several neoclassical architectural styles, notably Greek, Roman and Renaissance. The most evident of these is Greek, with four Doric style columns 'tying' the ground and first floors together. The building itself is raised up from ground level, sitting atop a rough granite plinth.Despite only being three bays wide and seven bays deep, the building's design was seen to give it an "overwhelmingly massive and powerful" appearance. The building is regarded as one of Cockerell's most impressive and was described by Nikolaus Pevsner as a "masterpiece of Victorian architecture".Bank of England Museum
The Bank of England Museum is located within the Bank of England in the City of London. Its entrance is in Bartholomew Lane, off Threadneedle Street, close to Bank junction and Bank tube station. The museum is open to the general public, free of charge, on weekdays (excluding bank holidays) and on the day of the Lord Mayor's Show.Bank of England note issues
The Bank of England, which is now the central bank of the United Kingdom, has issued banknotes since 1694. In 1921 The Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the ability of other banks to issue notes was restricted.
Banknotes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855. Since 1970, the Bank of England's notes have featured portraits of British historical figures.
Of the eight banks authorised to issue banknotes in the UK, only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. Bank of England notes are not legal tender in Scotland and Northern Ireland, but are accepted there along with the respective countries' national banknotes.Banknotes of the pound sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling (symbol: £; ISO 4217 currency code GBP [Great Britain pound]).
Sterling banknotes are official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha in St Helena, Ascension and Tristan da Cunha. One pound is equivalent to 100 pence. Three British Overseas Territories also have currencies called pounds which are at par with the pound sterling.
In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England; sterling banknote issue is thus not automatically tied in with one national identity or the activity of the state. The arrangements in the UK are unusual, but comparable systems are used in Hong Kong and Macao, where three and two banks respectively issue their own banknotes in addition to their respective governments.
The Bank of England does act as a central bank in that it has a monopoly on issuing banknotes in England and Wales, and regulates the issues of banks in Scotland and Northern Ireland. Versions of the pound sterling issued by Crown Dependencies and other areas are regulated only by local governments and not the Bank of England.Birmingham Banking Company
The Birmingham Banking Company was a bank that operated in Birmingham, West Midlands from 1829 to 1889, and as The Metropolitan and Birmingham Bank from 1889 to 1892, the Metropolitan, Birmingham and South Wales Bank from 1892 to 1893, and the Metropolitan Bank (of England and Wales) from 1893 to 1914, when it was acquired by the Midland Bank.Central bank
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, and interest rates of a state or formal monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank also acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks also have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.
Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists.Chief Cashier of the Bank of England
The Chief Cashier of the Bank of England is the person responsible for issuing banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all bank notes issued by the Bank of England. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating the title.
The post is currently held by Sarah John who was appointed in June 2018. She is the 33rd Chief Cashier since the Bank was founded in 1694.David Clementi
Sir David Cecil Clementi (born 25 February 1949) is an English business executive and a former Deputy Governor of the Bank of England. He is currently Chairman of the BBC.
Clementi holds a number of board positions including Chairman of International Payments business World First and Vice Chairman of Investment Manager Ruffer Group. He has held numerous other positions including Chairman of Prudential plc, one of Britain's largest insurance companies, non-executive director on the board of governors of the Rio Tinto Group and until June 2015 was Chairman of Virgin Money, seeing the business through its IPO. In March 2008, he was announced as Warden of Winchester College and was Master of the Mercers Company.Deputy Governor of the Bank of England
A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the Bank of England, reporting directly to the Governor.
According to the original charter of 27 July 1694 the Bank's affairs would be supervised by a Governor, the Deputy Governor and 24 directors. Since then, however, the role of Deputy Governor has been split and redefined three times (by the Bank of England Act 1998, the Financial Services Act 2012 and again in 2014), such that, as of May 2016, there are four Deputy Governors (Sir Jon Cunliffe, Ben Broadbent, Sam Woods and Sir David Ramsden). They have special responsibility for financial stability, monetary policy, prudential regulation and markets and banking respectively. In 2013, the position of Chief Operating Officer (COO) was created and has the same status and remuneration as a Deputy Governor.Under Schedule 1 of the Bank of England Act 1998 (as amended), Deputy Governors are appointed for five year terms, and are term-limited to two terms.Former Bank of England, Manchester
The Former Bank of England building at 82 King Street, Manchester, is a historic banking building. It has been recognised as a Grade I listed building, maintained by Manchester City Council. It was designed by Charles Robert Cockerell and constructed in the 1840s, being completed in 1846.The building is still home to the Bank of England agency for the North West. The role of the agency is to maintain contact with a wide range of businesses and institutions in Manchester, covering all sectors of the UK economy. Agents each see about fifty contacts per month, mainly through company visits. The agency makes a monthly report back to the bank where the Monetary Policy Committee uses the information to help its understanding and assessment of current economic conditions. The agency is also involved in discussions with a wide range of business organisations such as the Chambers of Commerce and the regional CBI and they maintain close contact with regional TECs, Business Links, and Manchester universities. Part of the agent’s role is also to represent the bank and explain its work and policies.
The agency consists of an agent, Tony Strachan, a deputy, Robert Burrows, and two support staff Anne Gawthorpe and Melissa Dunn. The Manchester agency also houses an information technology co-ordinator for the agency network, Michael Pearson.Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming his or her successor. The Governor of the Bank of England is also Chairman of the Monetary Policy Committee, with a major role in guiding national economic and monetary policy, and is therefore one of the most important public officials in the United Kingdom.
According to the original charter of 27 July 1694 the bank's affairs would be supervised by a Governor, a Deputy Governor, and 24 directors. In its current incarnation, the Bank's Court of Directors has 12 (or up to 14) members, of whom five are various designated executives of the Bank.The 120th and current Governor is the Canadian Mark Carney, appointed in 2013. He is the first non-Briton to be appointed to the post, but made a commitment to the Prime Minister to take up British citizenship.Herts/Middlesex 1
Herts/Middlesex 1 is a tier 9 English Rugby Union league. It is organised by the London and South East Division Rugby Football Union and is the top tier competition for clubs in Hertfordshire and parts of north-west London that traditionally was encompassed by the historic county of Middlesex. Each year some of the clubs in this division also take part in the RFU Junior Vase - a level 9-12 national competition.
Promoted teams typically go up to London 3 North West while relegated teams drop to Herts/Middlesex 2.Mark Carney
Mark Joseph Carney (born March 16, 1965) is an economist and central banker. He holds Canadian, British and Irish citizenship and has been Governor of the Bank of England since 2013 and was Chairman of the Financial Stability Board from 2011 to 2018.Carney began his career at Goldman Sachs before joining the Canadian Department of Finance. He later served as Governor of the Bank of Canada from 2008 until 2013, when he moved to his current post. His term is due to expire in January 2020.Matt Hancock
Matthew John David Hancock (born 2 October 1978) is a British politician of the Conservative Party serving as Member of Parliament for West Suffolk since 2010 and Secretary of State for Health and Social Care since 2018.
Hancock was born in Cheshire, where his family run a software business. Hancock studied PPE at Exeter College, Oxford and Economics at Christ's College, Cambridge. He worked as an economist for the Bank of England before becoming an economic advisor (and later Chief of Staff) to George Osborne.
Following his election in 2010, he served in a number of middle-ranking ministerial positions from September 2013 onwards under both David Cameron and Theresa May. He was promoted to the Cabinet as Secretary of State for Digital, Culture, Media and Sport in January 2018. On 9 July 2018, after the promotion of Jeremy Hunt to Foreign Secretary, Hancock was named Secretary of State for Health and Social Care.Mervyn King, Baron King of Lothbury
Mervyn Allister King, Baron King of Lothbury, (born 30 March 1948) is a British economist and public servant who served as the Governor of the Bank of England from 2003 to 2013.
Born in Chesham Bois, Buckinghamshire, King attended Wolverhampton Grammar School and studied economics at King's College, Cambridge, St John's College, Cambridge, and Harvard University. He then worked as a researcher on the Cambridge Growth Project, taught at the University of Birmingham, Harvard and MIT, and became a Professor of Economics at the London School of Economics. He joined the Bank of England in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty.
King was appointed as Governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the bank during the financial crisis of 2007–2008 and the Great Recession. King retired from his office as governor in June 2013, and was succeeded by Mark Carney. He was appointed a life peer and entered the House of Lords as a crossbencher in July 2013. Since September 2014 he has served as a professor of economics and law with a joint appointment at New York University's Stern School of Business and School of Law.Monetary Policy Committee
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).
It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance. The Committee comprises nine members, including the Governor (from 2013 Mark Carney), and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government (2% per year as of 2019). Its secondary aim – to support growth and employment – was reinforced in March 2013.
Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the Committee was designed to be independent of political interference and thus to add credibility to interest rate decisions. Each member has one vote, for which they are held to account: full minutes of each meeting are published alongside the Committee's monetary policy decisions, and members are regularly called before the Treasury Select Committee, as well as speaking to wider audiences at events during the year.Pound sterling
The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound.
Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.Prudential Regulation Authority (United Kingdom)
The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). The authority is structured as a limited company wholly owned by the Bank of England and is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013. As the Bank of England is operationally independent of the Government of the United Kingdom, the PRA is a quasi-governmental regulator, rather than an arm of the government per se. The PRA has its main offices at 20 Moorgate, near the Bank's central offices on Threadneedle Street.Quantitative easing
Quantitative easing (QE), also known as large-scale asset purchases, is a monetary policy whereby a central bank buys predetermined amounts of government bonds or other financial assets in order to inject money directly into the economy. An unconventional form of monetary policy, it is usually used when inflation is very low or negative, and standard expansionary monetary policy has become ineffective. A central bank implements quantitative easing by buying specified amounts of financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously lowering short term interest rates which increases the money supply. This differs from the more usual policy of buying or selling short-term government bonds to keep interbank interest rates at a specified target value.
Expansionary monetary policy to stimulate the economy typically involves the central bank buying short-term government bonds to lower short-term market interest rates. However, when short-term interest rates reach or approach zero, this method can no longer work. In such circumstances, monetary authorities may then use quantitative easing to further stimulate the economy, by buying specified quantities of financial assets without reference to interest rates, and by buying riskier or of longer maturity assets (other than short-term government bonds), thereby lowering interest rates further out on the yield curve.
Quantitative easing can help ensure that inflation does not fall below a target. Risks include the policy being more effective than intended in acting against deflation (leading to higher inflation in the longer term, due to increased money supply), or not being effective enough if banks remain reluctant to lend and potential borrowers are unwilling to borrow. According to the International Monetary Fund, the U.S. Federal Reserve System, and various economists, quantitative easing undertaken since the global financial crisis of 2007–08 has mitigated some of the economic problems since the crisis.