The video introduces Tiago from the Bank of England, clarifying its role as the UK's central bank, distinct from commercial high street banks. It highlights that the Bank of England does not offer accounts or loans to the public. Instead, its key functions include issuing banknotes, with over three billion notes currently in circulation valued at over 60 billion pounds. Additionally, the bank sets the official interest rate for the UK, known as Bank Rate, which significantly impacts savings, loans, and mortgage rates. Finally, the Bank of England monitors the financial system to ensure the safety and stability of public money, regardless of economic conditions.

Bank of England

Hi, my name is Tiago and I work at the Bank of England.

The Bank of England is the central bank of the United Kingdom. We're different to a bank you would come across in the high street. That means we don't hold accounts or make loans to the public.

We issue banknotes that you spend in shops. There are over three billion of these notes in circulation, worth over 60 billion pounds.

We set the official interest rates for the United Kingdom. This is called Bank Rate. It directly influences the cost of savings, loans and mortgage rates.

The Bank of England also keeps a close watch on the financial system so you can have confidence that your money is safe in good times and in bad.

What is the Bank of England?

Hi, my name is Tiago and I work at the
Bank of England.

The Bank of England is the central bank 
of the United Kingdom.

We're different to a bank you would come 
across in the high street.

That means we don't hold accounts or 
make loans to the public.

We issue banknotes that you spend in shops.

There are over three billion of these notes in circulation,

We set the official interest rates for the United Kingdom.

It directly influences the cost of savings, 
loans and mortgage rates

The Bank of England also keeps a close 
watch on the financial system

so you can have confidence that your 
money is safe in good times and in bad.

Hi, my name is Tiago and I work at the
Bank of England.
The Bank of England is the central bank 
of the United Kingdom.
We're different to a bank you would come 
across in the high street.
That means we don't hold accounts or 
make loans to the public.
We issue banknotes that you spend in shops.
There are over three billion of these notes in circulation,
worth over 60 billion pounds.
We set the official interest rates for the United Kingdom.
This is called Bank Rate.
It directly influences the cost of savings, 
loans and mortgage rates
The Bank of England also keeps a close 
watch on the financial system
so you can have confidence that your 
money is safe in good times and in bad.

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What is the Bank of England?

Transcription