300-year old London base is ‘unsatisfactory’
Parts of the Bank of England could be moved out of its base in London and relocated to Birmingham if Labour comes to power at the next general election.
The Bank is still known by the nickname The Old Lady of Threadneedle Street and has been based in the City of London since 1734.
The report, commissioned by shadow chancellor John McDonnell, has concluded that the central bank’s 300-year-old London base is “unsatisfactory and leads to the regions being underweighted in policy decisions.”
They have recommended moving “some functions” to Birmingham, to be located “next door or close to” the National Investment Bank and Strategic Investment Board, organisations that Labour plans to create on entering government.
Offices could also be set up in Glasgow, Cardiff and Belfast, with two smaller regional ones in Newcastle and Plymouth as part of a shake-up to push investment into other parts of the UK.
McDonnell 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.