<P> Government involvement in the British economy is primarily exercised by Her Majesty 's Treasury , headed by the Chancellor of the Exchequer , and the Department for Business , Energy and Industrial Strategy . Since 1979 management of the economy has followed a broadly laissez - faire approach . The Bank of England is the UK 's central bank and its Monetary Policy Committee is responsible for setting interest rates , quantitative easing , and forward guidance . </P>
<P> Government involvement in the British economy is primarily exercised by Her Majesty 's Treasury , headed by the Chancellor of the Exchequer , and the Department for Business , Energy and Industrial Strategy . Since 1979 management of the economy has followed a broadly laissez - faire approach . The Bank of England is the UK 's central bank and its Monetary Policy Committee is responsible for setting interest rates , quantitative easing , and forward guidance . </P>
who is responsible for setting interest rates in the uk
who is responsible for setting interest rates in the uk
Monetary Policy Committee
Monetary Policy Committee