The Bank of England is set to increase its presence in Leeds with plans to have one in 10 staff based in the city by 2027.
It expects to house at least 500 staff in a permanent office space in the city. The headcount target is expected to be achieved through a combination of voluntary relocations and new recruitment.
The central bank, which oversees the stability of the UK’s financial system, is headquartered in London, but in 2021 it announced plans to create a new northern hub as part of its strategy to increase its presence in more regions of the UK.
Last autumn it opened an office in Leeds, which currently accommodates up to 70 staff.
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“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,” said Andrew Bailey, governor of the Bank of England.
Mayor of West Yorkshire Tracy Brabin said: “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.
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“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.”
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