BOE Shifts Interest Rate Decision-Making from London to Leeds

The Bank of England (BOE) is shifting its interest rate decision-making process from London to Leeds, marking a significant change in the bank's 332-year history. The Monetary Policy Committee's nine members will travel north to the BOE's offices in West Yorkshire for decisions that don't involve full economic forecasts.

The move coincides with UK Prime Minister Andy Burnham's push to focus on the north of England, including the creation of the Number 10 North office in Manchester. The BOE has had a long association with Leeds, having first opened a branch there in 1827 and recently moving to a larger office with plans to grow its team to 500 by 2027.

BOE Governor Andrew Bailey said it was 'an important milestone in our long-term commitment to the city.' Tracy Brabin, Labour's mayor of West Yorkshire, called the decision 'a powerful endorsement of our Northern Square Mile and signals a national belief in our region's economic future.'