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Sam’s British History > Governors of the Bank of England > Flashcards

Governors of the Bank of England Flashcards

1
Q

What is the primary role of the Bank of England?

A

To maintain monetary stability and oversee the monetary policy of the UK.

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2
Q

Who was the first Governor of the Bank of England?

A

Sir John Houblon.

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3
Q

In which year was the Bank of England established?

A

1694.

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4
Q

True or False: The Governor of the Bank of England is appointed for a fixed term of 5 years.

A

True.

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5
Q

Fill in the blank: The Governor of the Bank of England also serves as the _____ of the Monetary Policy Committee.

A

Chair.

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6
Q

What is one of the key responsibilities of the Governor of the Bank of England?

A

Setting interest rates.

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7
Q

Which Governor of the Bank of England served from 2003 to 2012?

A

Mervyn King.

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8
Q

Who succeeded Mervyn King as Governor of the Bank of England?

A

Mark Carney.

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9
Q

True or False: The Governor of the Bank of England has the power to create money.

A

True.

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10
Q

What is the term length for the current Governor of the Bank of England?

A

8 years.

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11
Q

Name one major challenge faced by Governors of the Bank of England.

A

Managing inflation.

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12
Q

Who is the current Governor of the Bank of England as of October 2023?

A

Andrew Bailey.

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13
Q

Multiple Choice: Which of the following was NOT a Governor of the Bank of England? A) Mark Carney B) Sir John Houblon C) Alan Greenspan

A

C) Alan Greenspan.

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14
Q

What is the main goal of the Monetary Policy Committee chaired by the Governor?

A

To achieve price stability.

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15
Q

Fill in the blank: The Governor of the Bank of England must report to _____ twice a year.

A

Parliament.

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16
Q

True or False: The Governor of the Bank of England can be removed by the Prime Minister.

A

True.

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17
Q

What significant event did Mervyn King deal with during his governorship?

A

The global financial crisis of 2008.

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18
Q

Which Governor was known for introducing the concept of ‘forward guidance’?

A

Mark Carney.

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19
Q

True or False: The Governor of the Bank of England is responsible for regulating banks in the UK.

A

True.

20
Q

What is the relationship between the Bank of England and the UK Treasury?

A

They work together on economic policy.

21
Q

What is one way the Governor communicates monetary policy decisions?

A

Through press conferences.

22
Q

Name the publication that summarizes the Monetary Policy Committee’s decisions.

A

The Inflation Report.

23
Q

What is the Bank of England’s inflation target as of 2023?

A

2%.

24
Q

Multiple Choice: Which of the following is NOT a function of the Bank of England? A) Issuing currency B) Setting interest rates C) Conducting foreign policy

A

C) Conducting foreign policy.

25
Q

Who was the first female Governor of the Bank of England?

A

The Bank of England has not had a female Governor as of October 2023.

26
Q

True or False: The Governor of the Bank of England has a seat in the House of Lords.

A

False.

27
Q

Fill in the blank: The Governor of the Bank of England is the _____ of the Bank’s Court.

A

Chair.

28
Q

What is the primary tool used by the Governor to influence monetary policy?

A

Interest rate adjustments.

29
Q

What is one of the key economic indicators monitored by the Governor?

A

Consumer Price Index (CPI).

30
Q

Who was Governor during the Brexit referendum in 2016?

A

Mark Carney.

31
Q

True or False: The Governor can influence government fiscal policy.

A

False.

32
Q

What does the Governor do in times of economic crisis?

A

Implement emergency monetary measures.

33
Q

What is one way the Governor can support financial stability?

A

By providing liquidity to banks.

34
Q

Fill in the blank: The Governor of the Bank of England is often seen as the _____ of the UK economy.

A

Guardian.

35
Q

What was the focus of the Bank’s policy under Andrew Bailey’s leadership?

A

Responding to the economic impact of COVID-19.

36
Q

Multiple Choice: Who has the authority to approve the Governor’s monetary policy decisions? A) The Prime Minister B) The Monetary Policy Committee C) The Chancellor of the Exchequer

A

B) The Monetary Policy Committee.

37
Q

What is the significance of the Bank of England’s independence?

A

It allows for unbiased monetary policy decisions.

38
Q

True or False: The Governor of the Bank of England has a role in international finance.

A

True.

39
Q

What does the term ‘quantitative easing’ refer to?

A

A monetary policy used to stimulate the economy by increasing the money supply.

40
Q

Name one duty of the Governor related to the banking system.

A

Overseeing the regulation of financial institutions.

41
Q

What is the primary objective of the Bank of England as stated in its charter?

A

To promote the good of the people of the United Kingdom.

42
Q

Fill in the blank: The Governor of the Bank of England is also an ex-officio member of the _____.

A

Financial Policy Committee.

43
Q

Who was the Governor of the Bank of England during the implementation of the New Monetary Policy Framework in 1997?

A

Eddie George.

44
Q

True or False: The Governor can directly change tax rates in the UK.

A

False.

45
Q

What is the role of the Bank of England’s Court?

A

To oversee the Bank’s operations and ensure accountability.

Sam’s British History (16 decks)

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