Bank of England plans seven-fold expansion of Leeds operation | Bank of England

Bank of England Governor Andrew Bailey has announced a major expansion of its Leeds operations, with one in 10 officials to be based in the West Yorkshire city within three years.

Bailey said the 70-strong team at the central bank’s northern hub would increase sevenfold to 500 by 2027 through a combination of voluntary relocation and local recruitment.

The bank said its increased presence in Leeds is aimed at improving trust and wider understanding of its work in the UK, ensuring it better represents the public and would help access wider talent pools across the country and retain talented colleagues.

Threadneedle Street’s links with Leeds stretch back 200 years and was among the first proposed locations when the Bank began to consider establishing a branch network in the 1800s. Three years ago it announced plans to open a northern hub in the city, which is already one of the UK’s largest financial centers outside of London.

Bailey said: “Committing to a permanent and expanded office in Leeds is a fantastic opportunity for us to better represent the public, build stronger links with the local business community and help promote the Bank’s work to a wider plenty of talented workers”.

The bank will aim to maintain its total headcount – which stood at 4,971, according to its 2023 report and accounts – while expanding its headcount in Leeds.

Councilor James Lewis, Leader of Leeds City Council, said: “We are delighted that the Bank of England has chosen to expand its office space in Leeds.

“Leeds is the UK’s second largest city for financial services and a major center for related professional services; this move further strengthens the city’s progress and influence and shows the strength of the Leeds team and private and public sector partners coming together to deliver brilliant results in a truly collaborative way for the best impact on our residents.”