Question

Describe the expansion of bank in England with special references to the bank of England .(3 mark)
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Answer 1

Answer:

The Bank of England (BoE) is the central bank for the United Kingdom. It has a wide range of responsibilities similar to those of most central banks around the world. It acts as the government's bank and the lender of last resort. The BOE issues currency and, most importantly, it oversees monetary policy.

KEY TAKEAWAYS:

The Bank of England (BoE) is the United Kingdom's central bank.

The BoE issues currency and oversees monetary policy.

The BoE is the United Kingdom's equivalent of the Federal Reserve System in the United States.