“Move Bank Of England To Birmingham”, Says New Report
Last week, shadow chancellor, John McDonnell, announced proposals to move parts of the Bank of England to Birmingham to create a new economic policy hub outside the capital. The announcement is further evidence of the city’s stellar credentials as a leading financial centre.
The recommendation, which came in a feasibility report by GFC Economics and Clearpoint Corporation Management, on behalf of the Labour Party, was endorsed by Lord Adonis, chair of the National Infrastructure Commission and former transport secretary. He tweeted his strong support of the idea, suggesting the new offices should be located next to the new HS2 train station when it opens in 2026.
The UK’s second-largest city can trace its financial roots back to the late 1700s when the world’s oldest mint was established in the city. Today, Birmingham employs nearly 50,000 people in financial and related professional services jobs and will be home to a further 4,000 employees when HSBC opens its new headquarters in the city in January.
Labour’s announcement follows a string of positive endorsements for the city, which continues to attract significant investment. From cash injections for major infrastructure projects to an influx of commercial developments providing new places for people to live, work and play, the city is a hive of activity.
This is all good news for property investors in the city who will benefit from the ripple effect of continuous regeneration, creating increased demand from a growing renting population. And, it seems the Bank of England isn’t the only ‘Londoner’ looking northwards. More than 6,000 people came to the West Midlands from London in 2015, according to internal migration statistics.
It remains to be seen whether Labour plans will come to fruition, but at the very least it underlines Birmingham’s status as a world-class city.
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