This work describes the changes to the constitution of the Bank of England, to the arrangements for conducting the UK's monetary policy and to the management of the primary market in gilt-edged securities. It also presents an account of the practical effects of the transfer of bankingsupervision from the Bank of England to the Financial Services Authority. The book contains a copy of the Banking Act 1987 with all its amendments since enactment. Other relevant material relating to the Bank of England is also reproduced, including the current version of the earlier constitutionalchanges carried through by the 1945-51 Labour Government.