New northern hub for Bank of England
The Bank of England has announced plans to create a new northern hub in Leeds as part of what it describes as an “ambitious plan” to significantly increase its staff presence across the country.
The announcement comes as the bank which is headquartered on Threadneedle Street in London confirmed its chief operating officer Jo Place.
The news reaffirms the Bank of Englands commitment to the UK’s second largest city for financial services, having had operations located there since 1827, including a banknote printing centre which is due to close in 2023 when the lease on the building expires.
It also follows the decision by Treasury in the 2021 Budget to make the city the home of the new Infrastructure Bank and by the Department for Work and Pensions for to locate its second HQ at Quarry House.
The new hub will build on the banks existing network of 12 regional agents who are responsible to providing on the ground information to policymakers, ensuring they are in touch with local developments.
Governor Andrew Bailey said: “Our mission at the Bank is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability and to deliver that for the whole country.
“I made a commitment at my pre-appointment hearing before the Treasury Select Committee in March last year to look at how we can expand our staff presence across the UK beyond our existing agency network.”
He added that working through Covid over the last month had demonstrated that the bank “can function well virtually” and that moving forward he expects future working arrangements to include the option for more remote working.
Bailey finished: “Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission.”
Roger Marsh OBE DL, chair of the Leeds City Region Enterprise Partnership and NP11 group of Northern local enterprise partnerships, said: “The decision to locate the new Bank of England hub in Leeds is testament to the strength of our financial and professional services sector and represents a substantial economic opportunity.
“Our region is already home to some of the UK’s largest financial services institutions and today’s announcement, which follows just weeks after Leeds was named as the home of the new UK Infrastructure Bank, makes West Yorkshire the undisputed second centre for financial services outside of London.
“The move signifies a new page in the relationship between the government and cities and regions across the North, where we work in partnership to unlock economic potential and deliver on the ambitions for levelling-up all parts of the country.
“This landmark decision takes us another step further in realising our vision for an economically thriving Northern Powerhouse that drives economic prosperity, international competitiveness and inclusive growth for the benefit of everyone across our great towns, cities and rural communities.”
