Bank of England’s Leeds hub plans on hold as only 156 staff show interest in relocation
The Bank of England’s plans to expand its Leeds presence have hit an early stumbling block, with only 156 current staff registering an interest in relocating from London.
The revelation comes after Governor Andrew Bailey announced last year that the Bank aims to have one in ten of its workforce – at least 500 people – based in Yorkshire by 2027.
The Bank, which will hire fewer than 5,400 staff by 2023, said it would keep most of its headcount but shift some roles to Leeds to strengthen its regional presence. Andrew Bailey has championed the move as an opportunity to improve community engagement, strengthen relationships with local businesses, and tap into a wider pool of skilled workers.
However, freedom of information responses revealed that only 156 employees had joined an internal mailing list “expressing interest” in early December. This shortfall means that external recruitment could make up more than half of the Bank’s Leeds-based workforce.
The idea of a “northern location” was first floated in 2021, with a larger Bank of England office opening in Leeds in October 2023, accommodating around 70 staff. The long-term goal is for 10 per cent of each department—headed by a deputy or governor—to be represented in Leeds, although some jobs may be more suitable for relocation than others.
Leading the expansion effort is Sebastian Walsh, the Bank’s secretary and newly appointed head of Leeds. According to Leeds city council, the city is the second largest financial center in the UK after London, although Edinburgh also claims that title. Organizations such as Burberry and Channel 4 have recently invested in Leeds, and the Bank hopes to build on the city’s growing appeal.
However, the relocation of large numbers of workers remains a major challenge. Previous moves, such as TalkTalk’s move to Salford, have seen only a small proportion of London-based staff make the switch. The BBC faced similar challenges in moving journalists and production teams to its new premises in MediaCityUK. Transportation costs, personal belongings, and reluctance to leave the capital often prevent workers from being relocated.
The Bank of England first opened a branch in Leeds in 1827. While the prospect of a newly expanded presence in Yorkshire has been welcomed by local leaders, the low uptake of existing staff indicates that the Bank will need to redouble its efforts in recruiting from abroad—again. maybe sweeten the deal for anyone willing to head north.
