Bank of England

The Bank of England (sometimes known as the 'Old Lady' of Threadneedle Street) is the central bank of the UK, and as such is responsible for printing all money in England and Wales.

Since 1997 the Bank of England's Monetary Policy Committee (MPC) has set the underlying cost of borrowing in the UK (known as the base rate, or repo rate).

The MPC meets each month – typically on the first Thursday – and raises, lowers, or freezes base rate in an attempt to keep CPI inflation as close to the government's target rate as possible.

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