The Bank of England has served the public for more than 300 years by looking after the UK's economy and financial system.
Makes sure you can pay for things
We print banknotes for England and Wales that are strong, striking and hard to forge.
We make sure you can pay for things electronically at any time on any day. We do this by supervising payments services (eg Visa) and running core systems that allow people, businesses and banks to make large transfers.
Monitors other banks
We make sure high street banks are safe and sound. We also look at the entire financial system, trying to reduce risks and keep it safe so money flows to where it is needed most.
Our Prudential Regulation Authority (PRA) supervises more than 1,300 banks, building societies, credit unions, insurers and major investment firms. It makes rules for them to follow, and requires them to maintain sufficient capital (money and assets) and have sufficient risk controls in place.
We make sure we have a comprehensive overview of their activities so that we can step in if they are not running safely or protecting their customers adequately.
Sets the interest rate
It is our job to set the economy's core interest rate, known as Bank Rate.
This is the rate of interest we pay to high street banks that hold money with us (all the major ones in the UK) and, therefore, influences other interest rates in the economy. For example, when we raise it, banks and building societies will usually increase how much they charge their customers on loans and the interest they offer on savings – and the reverse if we lower it.
Businesses depend on loans to expand and hire more staff. So, interest rates also matter for them and their employees.
Right now, Bank Rate is 4.5%. Our next decision will be announced on Thursday 8 May 2025. You can see our full list of upcoming dates along with links to our more detailed reports.
Looks after gold
There are about 400,000 gold bars in our vaults. We look after the UK's gold reserves and some belonging to other central banks. We own very little of our own.
London is the global centre for gold trading. By storing it, we give central banks easy access to the market. Keeping it in our vaults makes trading easier because we can simply change the name of the owner in our records without having to move the gold.
Gold is very important for maintaining economic stability. People and businesses are more likely to use and invest in a currency if the country has large reserves. This is because gold typically retains its value, is in high demand worldwide and can be easily converted into cash.
In other words, even during an economic crisis, investors and trading partners can be confident that the UK will still be able to meet its financial obligations and raise funds by selling some of its gold.
