One in ten employees of The Bank of England will be based in Leeds by 2027, it has been announced.
The Bank has said at least 500 staff will be located in the city “through a combination of voluntary internal relocations and new Leeds-based recruitment”.
It added that it will seek to maintain its overall current headcount number, while expanding its numbers in Leeds.
In a statement, The Bank of England said it hopes the move will “improve trust and wider understanding of the Bank’s work across the UK, ensure as an organisation it better represents the people it serves, help tap into wider talent pools across the UK, and retain talented colleagues”.
Bank of England hoping to better “represent the public”
Governor of the Bank of England, Andrew Bailey, said: “Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years.
“Committing to a permanent, expanded Leeds office is a fantastic opportunity for us better to represent the public, build stronger links with the local business community and help promote the work of the Bank to a wider pool of talented workers.”
Tracy Brabin, Mayor of West Yorkshire, added: “With booming cities, bustling towns and beautiful countryside, national institutions are flocking to West Yorkshire.
“This decision from the Bank of England is a major vote of confidence in our region, cementing our reputation as England’s leading banking capital outside of London, and opening up hundreds of local jobs for our talented graduates and professionals.
“By bringing decision-making power from London to the heart of the North, this move will benefit the entire country and help us rebalance our national economy.”
“Move further reinforces progress of Leeds”
Councillor James Lewis, leader of Leeds City Council, said: “We are delighted that the Bank of England has chosen to expand their office space in Leeds
” Leeds is the UK’s second largest city for financial services, and a major hub for related professional services, this move further reinforces the city’s progress and influence and showcases the strength of Team Leeds and the partners across the private and public sectors, that come together to deliver brilliant results in a truly collaborative way, for the best impact on our residents.
“Next week we welcome 12,000 delegates from across the world into our city for UK REiiF, and give them the opportunity to see why top global brands like Burberry, C4 and now the Bank of England are choosing Leeds.”