Connect with us

Hi, what are you looking for?

Editor’s Pick

Bank of England delays plans for move to Leeds

The Bank of England has delayed plans to move hundreds of staff from London to Leeds as the wider economic turmoil slows the institution’s plans to expand its operations outside the capital.

Plans to strengthen Threadneedle Street’s northern hub have been delayed by at least a year as the central bank scales back ambitions to increase its presence across the UK.

The plan to acquire up to 100,000 sq ft of office space has also been shelved as the Bank focuses on the economic crisis, according to The Daily Telegraph, which first reported the news.

In April last year the Bank announced plans to move staff out of London to a new northern hub, which would be developed in Leeds.

The proposals were announced shortly after the Treasury confirmed Darlington as the location for its northern base as part of the government’s strategy to “level up” the regions.

Andrew Bailey, the Bank’s governor, said at the time that moving more of its 4,000 staff outside London and the southeast would help the Bank to serve the country as a whole.

The Bank expanded its office in Leeds, which was previously used by the four staff members that make up its Yorkshire and Humber agency, in the spring. About 30 members of staff are now based at the site.

It has a network of about a dozen regional representatives, who are known as “agents”, in Glasgow and Manchester among other areas.

A Bank of England spokesman said plans for the Leeds office had not been scrapped. “We are fully committed to expanding our staff presence outside London and the southeast, in order to better serve and attract people across the UK,” he said. “It is important that we take time to get this right, not least as post-pandemic ways of working are still being established.”

He added that the Bank was “revisiting our plan and timetable but our presence in Leeds will continue to expand, and our intention to create a Northern Hub there remains”.

The Financial Conduct Authority, which is responsible for regulating financial services companies, has recently opened an office in Leeds, and it expects 100 of its employees to be based there.

Leeds is known for its diverse economy, with a large number of successful technology, financial and legal firms based in the city.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Wayne Janse Van Rensburg, Chief Executive of education company Learndirect talks to Business Matters about the inspiration behind their business, which...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Rokt, the global leader in ecommerce technology, is today announcing a new partnership with Oracle Red Bull Racing, the leading Formula...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.