Bank of England Establishes Presence in Leeds, Doubling in Size by 2027

Strategic Insights -

Bank of England Secretary, Sebastian Walsh, revealed at a recent roundtable event in Leeds that the institution is setting up a major outpost in the city, with up to 500 people, approximately 10% of the Bank's total workforce, to be based there by 2027. This move is expected to create a hub for forecasting the economy, previously dominated by a handful of London-based organizations. The Bank's presence in Leeds is part of the UK's efforts to distribute economic growth across the country.

Key Takeaways:

  • The Bank of England is establishing a significant presence in Leeds, with up to 500 employees, which is approximately 10% of the Bank's total workforce, to be based there by 2027.
  • The institution is recruiting across all disciplines, including economists, data and technology experts, and regulatory specialists.
  • Graduates joining the Bank's operations in Leeds this year may be advising MPC members on interest rate policy by 2030.
  • The Bank's new office will enable the organization to tap into the talent and expertise in the region, particularly in data and technology.
  • Leeds' financial services industry has been recognized as a major contributor to the region's economy.
  • The city council and mayor have provided significant support to the Bank's establishment in Leeds, highlighting the region's commitment to economic growth.

Statistics:

  • The Bank of England will have approximately 500 employees based in Leeds by 2027.
  • This represents around 10% of the Bank's total workforce.
  • The Financial Conduct Authority (FCA) has already established a presence in Leeds, with over 300 employees and plans to double its staff numbers to over 1,000 in the next five years.
  • The FCA's regional office in Leeds has increased by an additional 5,000 square feet, with a further expansion expected to welcome around 100 more employees this year.

Sources:

  • The Yorkshire Post, "Bank of England reveals plans to set up major outpost in Leeds"
  • UKREiiF, Leeds: An Engine for Growth
  • City of London Corporation, Press Release (no date)