The Bank of England is set to open a new northern hub in Leeds as part of plans to bolster staff presence across the UK.
Chief Operating Officer Jo Place will lead a review of the Bank’s geographical footprint which has been commissioned by its Governors and Court of Directors.
As part of the move, which sees the Bank continue its almost two-hundred year presence in Leeds, its cash distribution centre in the city will close in February 2023 when the lease on the building expires.
The Bank’s current intention is to locate a new hub in Leeds, and look to further expand the Bank’s presence, based around the office network used by the Agencies around the UK. This will be subject to further review as work progresses.
The review will consider aspects such as the number of staff involved, recruitment models, and the timescales for delivery.
It will also take into account the experiences of remote working throughout the pandemic, with the Bank expecting to allow a more flexible model of working in the future to allow Bank employees greater flexibility about when, where and how they work.
Governor Andrew Bailey said: “Our mission at the Bank is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability and to deliver that for the whole country.
“I made a commitment at my pre-appointment hearing before the Treasury Select Committee in March last year to look at how we can expand our staff presence across the UK beyond our existing Agency network.
“Working through a year of Covid has shown that we can function well virtually and, as the country begins to open up again, it is more important than ever to think about what our future working arrangements look like. This includes the options for working more remotely, and how we can gain better insights into the country and the people we serve.
“Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission.”