Labour could move Bank of England to Birmingham

LARGE parts of the Bank of England may be relocated 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 and Plymouth as part of a shakeup of the country’s financial infrastructure aimed at ensuring more business investment is provided.

John Mcdonnell, the shadow chancellor, 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 that works for the many, not the few.”

The news came after Channel 4 was told by ministers to agree to move out of London or face being forced to do so by a new law.

‘This report drums home that financial system is not delivering enough investment across the UK’

Ministers in the Department for Digital, Culture, Media and Sport are currently considering the findings of a consultation into whether Channel 4 should move. However the broadcaster has reportedly been determined to keep its current headquarters in Westminster, central London.

Moving Channel 4 to the West Midlands would create 3,412 jobs in the region, a study has concluded.