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Bank of England Scales Back London Presence Amid Rising Costs
Bank of England Scales Back London Presence Amid Rising Costs
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BTCCSquare news:
The Bank of England is relocating its banking regulation department from Moorgate Street, citing remote work trends, budget pressures, and soaring London office rents. The Prudential Regulation Authority will consolidate into the Threadneedle Street headquarters by 2028, mirroring broader commercial real estate strains.
Lease expirations drive the phased transition, with Leeds operations expanding as part of a national footprint optimization. Analysts note the MOVE reflects post-pandemic workspace rationalization, though the central bank declined to specify headcount impacts.
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