Which of the following statements are true of the Bank of England?

Question

Quizplus · Accepted Answer

The Bank of England was actually established in 1694, not 1894 (A is false). Until 1997, the decision to raise or lower interest rates was made by the chancellor of the Exchequer, not the Bank of England (B is true). The government does have the power to overrule the Bank of England and set rates "in extreme economic circumstances" and "for a limited period" (C is true). Therefore, only options B and C are true, making D the correct answer.

Which of the Following Statements Are True of the Bank