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The Bank of England is the central bank of the United Kingdom  and is the model on which most modern, large central banks have been based. It has a wide range of responsibilities, similar to those of most central banks around the world.It was established in 1694 to act as the English Government’s banker,The BoE was nationalized in 1946, following the conclusion of WWII. In 1997, monetary policy authority was transferred from the government to the BoE and to this day it still acts as the banker for the UK Government.