Bank of EnglandDec 11 2017

Labour plans could see Bank move to Birmingham

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Labour plans could see Bank move to Birmingham

The Labour Party’s shadow chancellor John McDonnell is considering moving the Bank of England to Birmingham, if the party wins the next election, in an effort to create a more diverse policy making environment.

FTAdviser's sister paper, the Financial Times, reported over the weekend that Mr McDonnell commissioned consultants who said the current arrangement, where the Bank of England is located in the City of London, is “unsatisfactory”, as it means policy making is too London-centric.

The report comes in the wake of Andy Haldane, who said policy making in financial services is made by a group of people predominantly drawn from London and from fee-paying schools.

Mr Haldane is himself from Yorkshire and attended state schools.

The Labour party plan would also involve moving the National Investment Bank and Strategic Investment Board, to Birmingham.  

David.Thorpe@ft.com