<p>The <strong>Bank of England (BOE)</strong> is the <a href="/NewSite/encyclopedia/central-bank/" class="ency-link">central bank</a> of the United Kingdom, responsible for monetary policy, financial stability, and issuing banknotes. Established in 1694, it's one of the oldest central banks globally.</p>
<p>The BOE matters as it influences the UK's economy through interest rate decisions, which impact borrowing costs, consumer spending, and business investment. For instance, in 2020, the BOE cut interest rates and launched quantitative easing to support the economy amidst the COVID-19 pandemic.</p>