Bank of England Flashcards

1️⃣ Familiarise yourself with the flashcards:

Look through all the flashcards to see what's on both sides.
Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

Look at the question or prompt on each card and try to remember the answer before flipping it over.
Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

PERSONALISED 1-TO-1 TUTORING

Get support with clear explanations, practice and feedback (Ages 5 to 16).

Want an ad-free experience? Subscribe to remove ads

What is the Bank of England?

The UK’s central bank. It manages money and helps keep the economy stable.

To keep prices stable with low and steady inflation and to keep the financial system safe.

2% a year, measured by the Consumer Prices Index (CPI).

The Monetary Policy Committee (MPC).

The Bank’s main interest rate. It influences the rates for loans and savings.

Loans cost more and interest on savings goes up. People spend less and inflation tends to fall.

The UK government sets it. The Bank is free to choose how to meet it.

It can lend to banks in an emergency so they can pay customers and stay open.

When the Bank creates new money to buy bonds. This lowers some interest rates and supports spending.

It designs and issues banknotes for England and Wales and replaces worn notes.

It holds the government’s accounts and makes and receives payments for the state.

The Prudential Regulation Authority (PRA).