Labour could move parts of Bank of England to Birmingham

Report launched by John McDonnell says Bank needs to help hi-tech firms and tackle regional inequality

Parts of the Bank of England could be moved out of London to Birmingham under Labour plans to push investment into other parts of the UK.

The radical plan threatens the historic association of the Bank with Threadneedle Street in the City of London, where it has been based since 1734. The recommendation is part of an interim report into the UK's financial system, led by the economist Graham Turner of GFC Economics and launched by the shadow chancellor, John McDonnell.