The Bank lines up Moorgate as its new office
THE BANK OF ENGLAND is poised to expand its City presence from Threadneedle Street to Moorgate, bringing an end to its year-long search for office space to house the new City regulator.
The Bank began a search last year for a home close to its headquarters to house the new Prudential Regulation Authority, which will be created next year as a result of the Financial Regulation Bill that is currently passing through parliament.
Sources close to the company said the Bank was close making a decision to relocate the PRA’s 1,000 staff to 20 Moorgate, the home of blue-chip broker Cazenove, which is moving its staff to Canary Wharf.
The Bank’s demand for an extra 150,000 square feet is a sign of its expansion as it prepares to spread its wings under new rules that will see the Bank given powers to police banks and insurers. The PRA will succeed the Financial Services Authority when it is split into two next year.