Bank Of England announces plans for new hub based in Leeds

Roger Marsh OBE DL, Chair of the LEP, says move further bolsters West Yorkshire as the England's undisputed second centre for financial services outside of London.

The Bank of England has announced plans for a new northern hub, to be located in Leeds, as part of ambitious plans to increase its staff presence across the United Kingdom.

Roger Marsh OBE DL, Chair of the LEP and NP11 group of Northern local enterprise partnerships, said: “The decision to locate the new Bank of England hub in Leeds is testament to the strength of our financial and professional services sector and represents a substantial economic opportunity.

“Our region is already home to some of the UK’s largest financial services institutions and today’s announcement, which follows just weeks after Leeds was named as the home of the new UK Infrastructure Bank, makes West Yorkshire the undisputed second centre for financial services outside of London.

“Leeds’ association with the Bank of England stretches back to 1827 and this new Bank of England hub will be the critical component in a truly integrated financial service cluster - where traditional banks and building societies and the tech firms of tomorrow collaborate, innovate and thrive.

“The move signifies a new page in the relationship between the government and cities and regions across the North, where we work in partnership to unlock economic potential and deliver on the ambitions for levelling-up all parts of the country.

“This landmark decision takes us another step further in realising our vision for an economically thriving Northern Powerhouse that drives economic prosperity, international competitiveness and inclusive growth for the benefit of everyone across our great towns, cities and rural communities.”

The Bank of England’s plans follow the announcement by the Chancellor of the Exchequer, Rishi Sunak, in his Budget speech that the city has been chosen as the location for the UK Infrastructure Bank.

It will aim to drive the Government’s plans for a ‘green industrial revolution’ and support local and regional economic growth by investing in public and private projects across the UK.