Bank of England plots closure of Leeds distribution centre
The Bank of England is closing its cash distribution hub in Leeds but plans to open another centre in the North.
The central bank said that the dwindling use of cash, alongside the new polymer notes, would slash demand for distribution.
The bank said its Leeds centre is set to close when the lease expires in 2023 and said it was in discussions with Unite the union over the 34 affected staff.
Despite the closure the BoE is reportedly looking at another hub as part of the government’s levelling up agenda. Combatting criticism it takes too London-centric a view, it has vowed to “significantly increase its staff presence” across the UK.
“We are committed to how we can best serve, and represent, all the people in the UK. Our physical presence in locations across the country is a critical part of that,” said Jo Place, the BoE’s chief operating officer.
The bank said a “substantial” number of staff would have to move, including senior officials, and also anticipates a switch to more flexible working patterns post-pandemic.
The BoE’s move comes as Chancellor Rishi Sunak plots the move of part of the Treasury to a northern campus in Darlington, while the UK’s Infrastructure Investment Bank will also be based in Leeds.