With unprecedented access, this two-part series goes inside the Bank of England as it navigates turbulent economic times, including the challenges posed by Brexit. To find out more, visit the BBC programme page.
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Inside the Bank of England
The Bank of England prints our money, but few of us know how this powerful institution works.
Available on BBC iPlayerBBC Two on Wednesday
24th July 2019 at 12:50AM
The Bank is responsible for ensuring our money holds its value and works tirelessly to protect the economy from the threat of high inflation. With the UK due to leave the European Union, the Government is yet to agree a draft withdrawal treaty with Brussels. The possibility of a No Deal Brexit is increasing, and Parliament has tasked the Bank with producing a special Brexit Report, including a detailed analysis of the economic impact that leaving the EU without a deal could have.
This first episode reveals how the Bank influences inflation by setting the UK’s interest rate. Filmed during May 2018, the process is shown step-by-step as staff analyse the state of the UK’s finances, leading to Governor Mark Carney and other senior figures making their decision. In the lead up to an interest rate announcement, the British press is feverish with speculation on what Governor Carney and his team will decide, but inside the Bank the meticulous work of monitoring the economy must carry on unhindered by outside influence.
This episode digs deeper into how the Bank keeps the economy up and running. For over 300 hundred years, it has maintained a reputation for reliability and security. You can bring old bank notes to the Bank and it will exchange them at face value, even if the notes are hundreds of years old. The Bank’s underground vaults are so secure that foreign governments entrust billions of pounds worth of gold to the Bank’s safekeeping.
Yet the Bank’s responsibilities are far greater and wider reaching than the gold it protects. Since the financial crisis a decade ago, it has been given significant new powers and a responsibility for policing the UK’s financial system. This episode reveals how the Bank is preparing for Brexit.
The Bank of England is the central bank of the UK, but do you know anything about it? Take a look at these 5 facts...Read now ❯5 things you might like to know about the Bank of England
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The academics at The Open University are some of the leading experts in their field, who apply their passion for their subject to teaching, research and public engagement.
The OU Academic supporting this series has been chosen for his ability to advise on the programme’s subject area.
Dr Michael J. Oliver
Michael began his academic career in 1991 and has taught at various universities in the UK, France and the USA. He combinse academic work with a practical application of finance and economics to offer executive education, workshops and a broad range of consultancy for the public sector, high-profile corporations and family offices.
Professor Ali Ataullah
After his PhD from Durham University, which focused on the link between economic growth and the efficiency/productivity of banks, Ali started his academic career as a research associate in 2004 in Loughborough University. Prior to joining The Open University as a Professor in Finance in August 2017, he was a reader in corporate finance and the director of postgraduate research programme in the School of Business and Economics, Loughborough University.