The Bank of England is the central bank of the United Kingdom, established in 1694. Its primary role is to maintain monetary stability by managing inflation and setting interest rates. The bank also oversees the issuance of banknotes and regulates the financial system to ensure its safety and efficiency. In addition to its monetary policy functions, the Bank of England acts as a lender of last resort to commercial banks during financial crises. It plays a crucial role in maintaining public confidence in the currency and the overall economy, contributing to the UK's financial stability.