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Bank of England plans to open northern England hub

Published 22/04/2021, 00:09
Updated 22/04/2021, 00:10
© Reuters. FILE PHOTO: A view of The Bank of England and the City of London financial district in London, Britain

© Reuters. FILE PHOTO: A view of The Bank of England and the City of London financial district in London, Britain

LONDON (Reuters) - The Bank of England said on Thursday it plans to open a "northern hub" in England, as part of a drive to make the central bank less London-centric.

The BoE said it intends to locate the hub in Leeds, the largest city in Yorkshire, where a cash distribution centre is slated to close in 2023.

"Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission," Governor Andrew Bailey said in a statement.

The BoE also said it plans to expand its staff presence in other parts of the United Kingdom. It is conducting a review to look at the number of staff involved and the timescale.

The central bank's move follows the finance ministry's move to relocate some operations to Darlington, a town in the north east of England, as part of a government plan to make good Britain's poor record of regional investment.

© Reuters. FILE PHOTO: A view of The Bank of England and the City of London financial district in London, Britain

The BoE had regional branches for more than 150 years before they closed in the mid-1990s, although it maintained a network of representatives across the country, known as agents.

Latest comments

“A town in the North East of England”! You guys can be hilarious
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