The Bank of England — the UK’s central bank — said it is set to increase its presence in Leeds for an expanded and permanent presence in the city.

The central bank is committing to a headcount of at least 500 staff to be based in Leeds by 2027, which equates to around one in 10 staff.

The headcount target will be achieved through a combination of voluntary internal relocations and new Leeds-based recruitment.

The bank will look to maintain its overall current headcount number, whilst expanding its numbers in Leeds.

In April 2021 the bank announced its intention to create a new northern hub as part of an ambitious plan to significantly increase its staff presence outside London. In October 2023, the bank opened an expanded office in the city at Yorkshire House, which currently accommodates up to 70 staff.

“The increased office space in Leeds aims to improve trust and wider understanding of the bank’s work across the UK, ensure as an organisation it better represents the people it serves, help tap into wider talent pools across the UK, and retain talented colleagues,” said the bank.

Bank of England governor Andrew Bailey, said: “Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years.

“Committing to a permanent, expanded Leeds office is a fantastic opportunity for us better to represent the public, build stronger links with the local business community and help promote the work of the Bank to a wider pool of talented workers.”

West Yorkshire Mayor Tracy Brabin said: “With booming cities, bustling towns and beautiful countryside, national institutions are flocking to West Yorkshire.

“This decision from the Bank of England is a major vote of confidence in our region, cementing our reputation as England’s leading banking capital outside of London, and opening up hundreds of local jobs for our talented graduates and professionals.

“By bringing decision-making power from London to the heart of the North, this move will benefit the entire country and help us rebalance our national economy.”

Councillor James Lewis, Leader of Leeds City Council, said: “We are delighted that the Bank of England has chosen to expand their office space in Leeds.

“Leeds is … a major hub for related professional services, this move further reinforces the city’s progress and influence and showcases the strength of Team Leeds and the partners across the private and public sectors, that come together to deliver brilliant results in a truly collaborative way, for the best impact on our residents.

“Next week we welcome 12,000 delegates from across the world into our city for UK REiiF, and give them the opportunity to see why top global brands like Burberry, C4 and now the Bank of England are choosing Leeds.”

Work will continue with Leeds City Council, the West Yorkshire Combined Authority and the local business community to establish the Bank’s presence in the city.