Bank of England to increase staff in regional office

The Bank of England (BoE) will greatly increase the number of staff in its office in Leeds, it announced today (May 17).

The BoE said it was committed to having at least 500 staff based in Leeds by 2027, or about 10% of its total employees. It said it would maintain its current employee headcount of just under 5,000, but increase Leeds-based staff by internal relocations and local recruitment.

The central bank first announced it would increase its north of England presence in April 2021, and opened an expanded Leeds office in October 2023. The greater Leeds area has a population of just under 800,000, and is part of the West Yorkshire Built-Up Area with a population in excess of 1.7 million.

The majority of the BoE’s employees work in its London offices, in common with most major UK state agencies. The concentration of both finance and government agencies in London has become a source of some controversy in the UK. The move is likely to be supported by the UK’s major political parties, which have pledged to increase investment in regions outside London.

The central bank said the expansion had several goals, including “to improve trust and wider understanding of the bank’s work across the UK”. It said the expansion would also ensure the BoE “better represents the people it serves”, and help it recruit and retain talented staff.

The BoE said Leeds has an “extensive higher education sector”, and “data, AI and green finance initiatives” that could support its need for skilled employees. One possible benefit to staff retention comes from the fact that property prices in Leeds and the surrounding areas are considerably lower than in London.

The central bank has offices in eight cities or towns outside London besides Leeds. But its presence outside the national capital is considerably less than that of some advanced economy peers, including the Federal Reserve.

The BoE has agencies for the nine regions of England, as well as for the three devolved nations of Scotland, Wales and Northern Ireland. It noted that its first Leeds branch opened in 1827, under the leadership of Thomas Bischoff.

BoE governor Andrew Bailey described Leeds as “a thriving city where the Bank of England has had a significant presence for over 200 years”. He said expanding the office was “a fantastic opportunity” to better represent the public, strengthen links with the local business community and reach talented workers.