£1m plan to attract financial firm to city

POLITICAL CHIEFS want to spend money enticing a mystery financial services company to move to the Leeds area.

Work to help bring the company to the Leeds City Region, dubbed Project Lapwing, is expected to cost the authority £1m and will be discussed at an investment committee meeting of West Yorkshire Combined Authority next Tuesday.

It is hoped that, if successful, the company can “safeguard” 450 jobs, create another 400 jobs and help boost investment in the region by up to £25m by 2028.

A report to go before WYCA’s investment committee claims that the project is of a commercially sensitive nature and has agreed to keep the identity of the company anonymous. It adds WYCA should spend the money to “absorb additional costs” associated with moving to the region. The applicant is referred to as an “international financial services firm with an international presence”.

The report adds the company has worked with the UK Department for International Trade to look at potential locations for the project, which has led to Leeds City Region being selected as a the preferred location.

However, WYCA believes there could be a risk that the company stays where it is or looks elsewhere, such are the costs associated with relocating to West Yorkshire.

The report says: “The project has a clear strategic fit and there is clear evidence of the need for the project.”

A decision on whether to grant the £1m would only be made in principle, with more detailed plans later.