https://legal.excellentwiki.com/uk/banking-law/ Recent content in banking law on ExcellentWiki - Legal Encyclopedia Hugo en-US Mon, 06 Jul 2026 00:00:00 +0000 https://legal.excellentwiki.com/uk/banking-law/uk-banking-law/ Mon, 06 Jul 2026 00:00:00 +0000 https://legal.excellentwiki.com/uk/banking-law/uk-banking-law/ <h2 id="the-bank-of-england-and-monetary-policy">The Bank of England and Monetary Policy</h2> <p>The Bank of England, founded in 1694 and nationalised in 1946, serves as the central bank of the United Kingdom. The Bank of England Act 1998 granted the Bank operational independence in the conduct of monetary policy. The Monetary Policy Committee (MPC), composed of the Governor, the three Deputy Governors, the Chief Economist, and four external members appointed by the Chancellor, sets the official Bank Rate to meet the Government&rsquo;s inflation target. The Prudential Regulation Authority (PRA) operates as a subsidiary of the Bank of England and is responsible for the prudential supervision of banks, building societies, credit unions, insurers, and major investment firms.</p>