British Institutions Move to the North as Rents in London Fall - Nova
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In recent weeks it seems there has been exciting news regarding opportunities outside of London.

This week the Bank of England has revealed how they intend to create a new northern hub as part of an ambitious plan to significantly increase its staff presence across the United Kingdom. This comes just weeks after the BBC announced its ‘BBC Across the UK’ plan which aims to give even more prominence to stories from communities across the North region, in a bid to re-balance its philosophy and content.

Under the new plan, a “clear majority” of the BBC’s “UK-wide TV will be made across the UK, not in London – at least 60 percent of network TV commissions by spend.”  It is also confirmed that MediaCity in Salford will become the main base for the digital and technology teams.

With a similar philosophy, The Bank of England is undertaking a review of its geographical footprint.

Governor Andrew Bailey said: “Our mission at the Bank is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability and to deliver that for the whole country. Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission.”

A large part of this initiative is to open a new hub in Leeds. It will then look to further expand the Bank’s presence, based around the office network used by the Agencies around the UK.

According to Zoopla’s latest monthly market briefing, rents in London have fallen by 9.8% in the past year. In the rest of the UK, rents have risen by 2.6% on average in the past 12 months. We expect this performance gap to continue as more opportunities are created outside of London as part of the Northern Powerhouse initiative.

 

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