Bank of England Expands ‘Northern Hub’ with 500 New Employees

Bank of England Announces Major Expansion in Leeds, Creating 500 New Jobs by 2027

The Bank of England has announced a significant expansion of its presence in Leeds, as part of its efforts to decentralize its operations and spread its work outside of London. The expansion, set to take place over the next six years, will see the current staff of 70 in Leeds grow to 500.

According to the Bank, the majority of the new positions will be filled through new hiring, with some voluntary relocations. However, the overall number of employees at the Bank is not expected to increase, as the expansion will be offset by a decrease in staff at its London headquarters.

Governor Andrew Bailey expressed his enthusiasm for the expansion, stating, “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 to better 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.”

As part of the expansion, the Bank will be relocating from its current location at Yorkshire House to larger premises in the city. This move has been welcomed by Tracy Brabin, the mayor of West Yorkshire, which includes Leeds. She believes that the announcement is a vote of confidence in the region and will have a positive impact on the national economy.

Brabin stated, “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.”

The Bank of England’s decision to expand its presence in Leeds follows in the footsteps of other major bodies that have moved operations beyond the capital. The Treasury, under Chancellor Rishi Sunak, recently placed certain functions in Darlington as part of the government’s levelling up agenda. Other examples include the Office for National Statistics, which relocated its headquarters from London to Newport in 2006 under the Blair government.

Currently, the Bank of England has 12 agencies spread across the UK, covering nine regions in England, as well as Wales, Scotland, and Northern Ireland. The expansion in Leeds is a significant step towards decentralizing the Bank’s operations and promoting economic growth in regions outside of London.

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