The Bank of England has announced plans to create a new northern hub in Leeds as part of an ambitious plan to significantly increase its staff presence across the United Kingdom.
Commenting on the news, Emma Reynolds, Managing Director, Public Affairs, Policy and Research, TheCityUK, said,
For our industry, the relationship with the regulator is one of the most important relationships. It’s essential that the regulator understands the business and its customers. This is why we have long called for a much greater regional presence from our key regulators, not just for the jobs they employ directly, but for the flourishing local ecosystems they can help to seed and support.
“We hope this announcement foreshadows many more regionally focused policies and initiatives, with greater focus on developing specialist centres and sectors, a more competitive business environment and enhanced engagement between regulators and industry in all parts of the UK.”
Richard Little, TheCityUK City Chair for Leeds and KPMG’s Regional Financial Services lead partner, said,
This decision by the Bank of England is a huge vote of confidence in Leeds and the wider Yorkshire and Humber region. It joins other key investments into the region which will add further fuel to the economic engine our industry is providing for local growth and job creation. Financial and related professional services are of vital importance to cities across the region, employing a huge number of people in skilled roles, with opportunities for career progression across our region and the whole of the UK.”
Leeds City Region is the largest financial centre in Yorkshire and the Humber and is one of the UK’s largest centres for banking. It is home to 30 national and international banks, and has the headquarters of three of the five largest building societies. Leeds is a major centre for mortgage, corporate and retail finance, insurance and stockbroking.
According to TheCityUK estimates, the financial and related professional services industry employed 38,605 people in Leeds in 2019, equivalent to 11.1% of total city employment, and accounted for £3.9bn in GVA in 2018, or 14.8% of the city’s total economic output.