Labour: We’ll move Bank of England to Birmingham

LARGE parts of the Bank of England could be moved from London to Birmingham if Labour wins power.

A report setting out considerations for the party’s next general election manifesto recommended such a move, as well as locating a new National Investment Bank in Britain’s second biggest city.

Bank of England offices could also be set up in Glasgow, Cardiff and Belfast, with two smaller regional ones in Newcastle upon Tyne and Plymouth as part of a shake-up of the country’s financial infrastructure aimed at ensuring more business investment is pro- vided across the country. The central bank has been based in Threadneedle Street, in the City of London, since 173 .

Shadow chancellor John McDonnell said: ‘This important report drums home the message that our financial system isn’t delivering enough investment across the whole country, and in the high-technology industries and firms of the future where it is needed most.

‘Labour is committed to working with our financial institutions to help deliver the financing that the fourth industrial revolution will need, as part of its ambitious plans to help build a hi-tech, high-wage economy.’

Graham Turner of consultants GFC Economics, which provided the report, said more needed to be done to deal with geographic inequality.

‘Financial system isn’t delivering’