BoE to open hub in Leeds

The Bank of England is set to open a ‘ northern hub’ in England, as part of a drive to make the central bank less London-centric. It intends to locate the hub in Leeds, the largest city in Yorkshire, where a cash distribution center is slated to close in 2023. BoE Governor Andrew Bailey said in a statement having a greater proportion of the workforce located outside London and the South East will better enable the bank to support its mission. It also said it plans to expand its staff presence in other parts of the United Kingdom. It is conducting a review to look at the number of staff involved and the timescale. The BoE had regional branches for more than 150 years before they closed in the mid-1990s, although it maintained a network of representatives across the country, known as agents.