The Bank of England Governor, Andrew Bailey, has announced a big expansion of its operations in Leeds, with one in 10 officials to be based in the West Yorkshire City within three years.
Bailey predicted that by 2027, the 70-person staff at the central bank’s northern hub would have grown to 500, largely due to local hiring and voluntary relocation.
He explained that increasing the number of staff would help improve the work standard and improve productivity.
According to the Bank, its greater presence in Leeds would help it retain brilliant employees and tap into larger talent pools across the nation. It also hopes to boost trust and awareness of its work throughout the UK and ensure that it better represents the public.
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 Bank first considered Threadneedle Street as a potential location for its branch network in the 1800s. The Bank first opened a Leeds branch in 1827 under Thomas Bischoff who was the Bank’s first Agent.
Threadneedle street area has a 200-year history with Leeds. It first revealed plans to create a northern hub in the city, which is now one of the largest financial hubs outside of London in the United Kingdom, three years ago.
“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.”
Andrew Bailey
Bank Plans To Increase Headcount In Leeds
The Bank plans to increase its headcount in Leeds while keeping its entire headcount, which as of its 2023 report was 4,971.
The headcount target will be achieved through a combination of voluntary internal relocations and new Leeds-based recruitment. The Bank will look to maintain its overall current headcount number, whilst expanding its numbers in Leeds.
Tracy Brabin, Mayor of West Yorkshire, 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. 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.”
Tracy Brabin, Mayor of West Yorkshire
Councilor James Lewis, the Leader of Leeds City council, said, “We are delighted that the Bank of England has chosen to expand their office space in Leeds.” Meanwhile, Leeds is the UK’s second largest city for financial services, and a major hub for related professional services.
Councilor James Lewis noted that the move will further reinforce the city’s progress and influence the strength of Team Leeds and its partners across the private and public sectors.
He added that they will come together to deliver brilliant results in a truly collaborative way, for the best impact on its residents.
He added, “Next week we welcome 12,000 delegates from across the world into our city for UK’s Real Estate Investment & Infrastructure Forum (REiiF), and give them the opportunity to see why top global brands like Burberry, C4 and now the Bank of England are choosing Leeds.”
Councilor James Lewis further disclosed that work will continue with Leeds City Council, the West Yorkshire Combined Authority and the local business community to establish the Bank’s presence in the city.
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