Definition of the Bank of England from the Oxford Advanced Learner's Dictionary


the Bank of England

; NAmE
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the central bank of the United Kingdom, in London. It is the official source of all paper money in Britain, it advises the government on financial matters, and it acts as banker to the government and to other banks. It was privately owned until 1946, when it came under government control. Since 1997 it has been responsible for deciding on the minimum lending rate.