What is the central bank of the United Kingdom founded by the British Parliament?

What is the central bank of the United Kingdom founded by the British Parliament?

• A. Bank of America
• B. Bank of England
• C. European Central Bank
• D. Bank of Scotland

Answer: (B)

The Bank of England is the central bank of the United Kingdom, and it was founded by an Act of Parliament in 1694 to fund the government and manage the money supply. As the central bank, it handles monetary policy, oversees financial stability, acts as the lender of last resort to banks, and issues the country’s banknotes. The other options are not the UK’s central bank: Bank of America is a U.S. commercial bank, Bank of Scotland is a regional commercial bank, and the European Central Bank is the central bank for the euro area.

The Bank of England is the central bank of the United Kingdom, and it was founded by an Act of Parliament in 1694 to fund the government and manage the money supply. As the central bank, it handles monetary policy, oversees financial stability, acts as the lender of last resort to banks, and issues the country’s banknotes. The other options are not the UK’s central bank: Bank of America is a U.S. commercial bank, Bank of Scotland is a regional commercial bank, and the European Central Bank is the central bank for the euro area.