Bank of England unveils huge plans for expansion in Leeds as leaders welcome 'major vote of confidence'

The plans, announced today (May 17), will see around 500 staff members based in Leeds by 2027.

Many of those positions will be recruited from within the city, which is the second largest in the UK for financial services. Existing staff members will also be relocated as part of the move.

It comes just three years after the bank announced plans to create a new “northern hub” in order to increase its staff presence outside London.

In October of last year, the bank opened an expanded office at Yorkshire House, on East Parade, which currently accommodates up to 70 staff.

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Andrew Bailey, the Governor of the Bank of England, said: “Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years.

“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.”

The move was praised by Tracy Brabin, who was re-elected as the Mayor of West Yorkshire earlier this month. She said: “With booming cities, bustling towns and beautiful countryside, national institutions are flocking to West Yorkshire.

“This decision from the Bank of England is a major vote of confidence in our region, cementing our reputation as England’s leading banking capital outside of London, and opening up hundreds of local jobs for our talented graduates and professionals.

“By bringing decision-making power from London to the heart of the North, this move will benefit the entire country and help us rebalance our national economy.”

The Bank of England has historical links to the city, having opened its first Leeds branch back in 1827 under Thomas Bischoff, who was the bank’s first agent.

Coun James Lewis, Leader of Leeds City Council, said: “We are delighted that the Bank of England has chosen to expand their office space in Leeds.

“Leeds is the UK’s second largest city for financial services, and a major hub for related professional services, this move further reinforces the city's progress and influence and showcases the strength of Team Leeds and the partners across the private and public sectors, that come together to deliver brilliant results in a truly collaborative way, for the best impact on our residents.

“Next week we welcome 12,000 delegates from across the world into our city for UK REiiF, and give them the opportunity to see why top global brands like Burberry, Channel 4 and now the Bank of England are choosing Leeds.”

The bank said that work will continue with Leeds City Council, West Yorkshire Combined Authority and city-based businesses to establish a presence in the city.