The Bank of England will increase the number of staff working in the northern English city of Leeds as part of a plan to rely less on London for hiring workers, the central bank said on Friday.
The BoE said it would have at least 500 workers based in Leeds by 2027, equivalent to around one in 10 staff.
Its office in the city currently accommodates up to 70 staff, the BoE said.
“Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years,” Governor Andrew Bailey said in a statement.
“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, the mayor of West Yorkshire which includes Leeds, said the announcement represented a major vote of confidence in the region.
“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,” she said.
Britain’s government has been seeking to “level up” the economy for years to address imbalances in productivity and living standards between the southeast of England including London and poorer regions elsewhere in the country.
The Office for National Statistics switched the location of its headquarters to Newport in Wales from London in 2006.
The BoE said the headcount target would be achieved through voluntary internal relocations and new Leeds-based recruitment.
(Writing by William Schomberg; Editing by Muvija M)
