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Bank of England
(redirected from The Old Lady of Threadneedle Street)

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Bank of England
The central bank of the United Kingdom. It is let by a Governor, which is at least nominally a civil service post. The Bank of England prints money for England and Wales (though not for Northern Ireland or Scotland) and acts as a lender of last resort for all banks in the UK. Through its semi-independent Monetary Policy Committee, the Bank of England sets monetary policy for the UK, particularly by attempting to ensure that inflation remains as close as possible to 2%. If the inflation rate is more than 1% in either direction of 2%, the Governor of the Bank of England must write the Chancellor of the Exchequer to explain how he/she will remedy the situation. It was established in 1694 and served as the model for the creation of most modern central banks. See also: Federal Reserve System, European Central Bank.


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Or as the huge banner draped over the steps of the Old Lady Of Threadneedle Street said: "So Many Battles Against The System And Finally It Ends By Itself.
Its title caught my attention immediately because the number crunchers at the Old Lady of Threadneedle Street contrived to put the words "Financial" and "Stability" in the title of their report.
The Old Lady of Threadneedle Street is legally immune from being sued for negligence, and the liquidators - accountants Deloitte Touche Tohmatsu - are aiming to prove "bad faith" on the part of supervisory staff.
 
 
 
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