Bank of England

Founded in 1694, the Bank of England serves as the central bank of the United Kingdom, often affectionately referred to as the "Old Lady" of Threadneedle Street. Its primary mission is to promote the welfare of the nation's citizens by maintaining monetary and financial stability. The Bank achieves this by issuing secure banknotes, including £5, £10, £20, and £50 notes, while ensuring these have robust security features to prevent counterfeiting.

In addition to managing currency, the Bank plays a crucial role in setting the official interest rate, known as the Bank Rate, which influences the costs of savings, loans, and mortgages. Moreover, it regulates the UK's financial institutions to safeguard the banking system’s integrity. The Bank of England also supervises payment services and oversees large-scale transfers through systems like CHAPS, settling around £500 billion in interbank payments daily. Through these functions, the Bank ensures that citizens can transact confidently and that their money retains its value in an ever-changing economy.