The Bank of England says it will increase staff in the northern city of Leeds

LONDON (Reuters) – The Bank of England will increase the number of staff working in the northern English city of Leeds as part of a plan to rely less on London for hiring workers, the central bank said on Friday.

The BoE has said it will have at least 500 workers based in Leeds by 2027, equivalent to around one in 10 employees.

Its office in the city currently houses up to 70 staff, the BoE said.

“Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years,” Governor Andrew Bailey said in a statement.

“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 pool of talented workers “.

Tracy Brabin, the mayor of West Yorkshire, which includes Leeds, said the announcement was a major vote of confidence in the region.

“By bringing decision-making power from London to the heart of the north, this move will benefit the whole country and help us rebalance our national economy,” she said.

The UK government has been trying to “boost” the economy for years to address the imbalances in productivity and living standards between the south-east of England, including London, and poorer regions elsewhere in the country.

The Office for National Statistics moved its headquarters to Newport in Wales from London in 2006.

The BoE said the headcount target would be met through voluntary internal relocations and new recruitment in Leeds.

(Writing by William Schomberg; Editing by Muvija M)