The Bank of England (BOE) is the central bank of the United Kingdom and the model on which most modern large central banks are based. It has a wide range of responsibilities and is similar to the responsibilities of most central banks in the world.It was established in 1694 as a banker of the British government.
With the end of World War II, the Bank of England was nationalized in 1946. In 1997, the power of monetary policy was transferred from the government to the Bank of England. To this day, it is still acting as banker of the British government.