Does the Bank of England have the ability to set reserve requirements for commercial banks?

Yes, the Bank of England has the ability to set reserve requirements for commercial banks. It reduces the reserve ratio such that it holds less money as a reserve and it allows more loans to businesses and consumers which increases the money supply such that the rate of interest decreases in such a manner that the investment increases in an economy. And, it increases the reserve ratio such that it holds more money as a reserve and it allows fewer loans to businesses and consumers which decreases the money supply such that the rate of interest increases in such a manner that the investment decreases in an economy.