Bank of England to Hold First Northern Rate Meeting in Leeds in 2027

The Bank of England's Monetary Policy Committee will hold its first interest rate meeting outside London in Leeds, likely on March 18, 2027, the BOE announced. The move ends a practice dating to the bank's 1997 independence, barring only Covid-era remote sessions. The nine-member MPC will meet in Leeds only for decisions not accompanied by full economic forecasts. Four of the eight annual meetings include new forecasts, which require more London-based staff presentations. The decision aligns with Prime Minister Andy Burnham's push to focus on northern England. The BOE opened a Leeds branch in 1827, announced a northern hub in 2021, and plans to base one in 10 staff there by 2027, moving to Capitol House in 2028.