Plans by the Bank of England to expand its Leeds presence have hit an early stumbling block, with only 156 current employees registering an interest in transferring from London.
The revelation comes after Governor Andrew Bailey announced last year that the Bank intends to have one in ten of its total workforce — at least 500 people — based in Yorkshire by 2027.
The Bank, which employed just under 5,400 staff in 2023, has said it will maintain overall headcount levels but shift some roles to Leeds to foster a stronger regional presence. Andrew Bailey has championed the move as an opportunity to improve public engagement, strengthen ties with local businesses, and tap into a wider pool of talented workers.
However, freedom of information responses revealed that only 156 employees had joined an internal “expression of interest” mailing list by early December. This shortfall implies that external recruitment may account for more than half of the Bank’s planned Leeds team.
The idea of a “northern hub” was first floated in 2021, and a larger Bank of England office opened in Leeds in October 2023, accommodating up to 70 staff. The long-term goal is for 10 per cent of each directorate—overseen by a deputy governor or the governor—to be represented in Leeds, although some functions may be more suitable for relocation than others.
Leading the expansion effort is Sebastian Walsh, the Bank’s secretary and newly appointed head of Leeds. According to Leeds city council, the city is the UK’s second largest financial centre after London, though Edinburgh also lays claim to that title. Organisations such as Burberry and Channel 4 have recently invested in Leeds, and the Bank hopes to build on the city’s growing appeal.
Yet relocating large numbers of staff remains a formidable challenge. Past moves, such as TalkTalk’s shift to Salford, saw only a small fraction of London-based employees make the transition. The BBC faced similar hurdles in relocating journalists and production teams to its new hub in MediaCityUK. Relocation costs, personal logistics, and a reluctance to leave the capital often deter employees from uprooting.
The Bank of England first opened a branch in Leeds in 1827. While the prospect of a newly enlarged presence in Yorkshire has been welcomed by local leaders, the low uptake from existing staff suggests the Bank will need to redouble its efforts in external recruitment—and perhaps sweeten the deal for anyone willing to make the move north.
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Bank of England’s plans for Leeds hub stall as only 156 staff show relocation interest