World Economy

Bank of England to Relocate Rate-Setting Operations to Leeds

The Bank of England will split its monetary policy operations between London and Leeds starting next year. This marks the first time since the central bank gained independence over monetary policy that rate-setting meetings will occur outside the capital on a regular basis. Previously, with the exception of remote sessions during the pandemic, all monetary policy decisions have been made at the Bank's London headquarters. The relocation reflects efforts to decentralize financial decision-making across the UK. Officials are currently reviewing the exact schedule for alternating between the two cities as they prepare for the transition.