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Foundation of Economic Analysis- Module EC12003 Macroeconomics Essays: Explain the role of the Bank of England in setting interest rates. What factors do they have to take into account? Analyse with reference to economic theory and the experience of the last few years. Before May, 1997 the government took responsibility for setting the base rate of interest. But at present the Bank of England has the responsibility for setting interest rates. The Bank of England's Monetary Policy Committee (MPC) comes to decisions on whether to alter the base rate of interest. The Bank of England acts as the central bank of United Kingdom. The Bank of England is also a bankers' bank and a public authority charged with regulating and controlling a nation's monetary and financial institutions and markets. Bankers' bank means that the central bank provides banking services to the commercial banks. But a central bank does not provide same...

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