The Bank of England will announce its latest interest rate decision at midday after a blockbuster budget rattled markets last week. Read these and the rest of today's personal finance and consumer news below.
Basically, the Bank of England is the UK's central bank.It is different from a bank you would come across along the high street and does not hold accounts or make loans to the public.Instead, the Bank issues banknotes that you spend and it also sets the official interest rates of the UK , which directly influences savings and mortgages. The Bank is set to make one such decision at midday, with markets expecting rates to be cut to 4.75%.
Under his direction, a successful scheme was launched in which £1.2m was loaned to the government from funds raised by subscribers who were then incorporated into the governor and company of the Bank of England. The money was used to support the English government in its war against France. It wasn't until the 19th century that the Bank took on the role of central bank. What is in its vaults? About 400,000 bars of gold.
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