Labour plans to move the Bank of England to Birmingham: Lord Adonis gives John McDonnell’s idea the thumbs-up

Influential peer Lord Adonis has backed a suggestion from John McDonnell that the Bank of England move to Birmingham.

The Bank of England has been based in London for more than 300 years. However, Labour’s shadow chancellor has concluded the bank’s current location is “unsatisfactory and leads to the regions being underweighted in policy decisions”.

Read more: Labour would consider moving the Bank of England to Birmingham

McDonnell’s conclusion was based on a report by GFC Economics and Clearpoint Corporation Management, which said some functions should be moved to Birmingham, where Labour would create a National Investment Bank and Strategic Investment Board.

Adonis, chairman of the National Infrastructure Commission and former transport minister, has said he “strongly” supports the idea.

In a tweet, Adonis said: “Strongly support John McDonnell’s idea to relocate Bank of England to Birmingham – I suggest right next to new Curzon St HS2 station! Existing Bank of England buildings an excellent venue for a university, provided the VC isn’t overpaid.”

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