Nearly 60 Bank of England staff accept offers to relocate for work in Leeds

Nearly 60 workers at the Bank of England have accepted offers to work at the central bank’s expanded office in Leeds.

According to data obtained by Financial News, eight members of staff have been recruited directly to work in the Bank’s Leeds office while 58 Bank workers have voluntarily relocated.

The Bank announced plans back in May to create an “expanded and permanent” presence in Leeds.

By 2027, the central bank aims to have a headcount of 500 in the city, about one in ten of its total staff. The Bank had a headcount of 4,971 employees as of the 2023 Annual Report.

Increasing office space in Leeds would help “improve trust and wider understanding of the Bank’s work”, it said in a statement at the time. It should also ensure that it better represents the people it serves.

The Bank opened an expanded office in Leeds in October 2023, which accommodates up to 70 staff.

Leeds was among the earliest locations proposed when the Bank began considering establishing a network of branches in the 1800s. The Bank first opened a Leeds branch in 1827 under Thomas Bischoff who was the Bank’s first Agent.

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

“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.”

A number of governmental institutions have tried to expand their presence outside London in recent years, most prominently the Treasury’s Darlington economic campus which is expected to be completed in 2027.

The Financial Conduct Authority opened a Leeds office back in 2022 while the Competition and Markets Authority (CMA) opened offices in Manchester and Darlington back in 2021.