Bank of England reveals plans for new Leeds hub in move to expand workforce beyond London

The Bank of England has announced today that it is planning to open a new branch in the north of the country.

The BoE said today (22 April) that it is opening a “northern hub”, which will be located in Leeds, as part of its scheme to make the bank less London-focused.

The new hub will see a portion of the bank’s London operations move up the country, along with some of its staff.

However, it has also been announced that the bank will close its Leeds cash centre in 2023, as physical money is in lower demand.

Andrew Bailey, governor of the Bank of England, commented: “Our mission at the Bank is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability and to deliver that for the whole country.

“I made a commitment at my pre-appointment hearing before the Treasury select committee in March last year to look at how we can expand our staff presence across the UK beyond our existing agency network.

“Working through a year of Covid has shown that we can function well virtually and, as the country begins to open up again, it is more important than ever to think about what our future working arrangements look like.

“This includes the options for working more remotely, and how we can gain better insights into the country and the people we serve.

“Having a greater proportion of our workforce located outside London and the south-east will better enable us to support our mission.”

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