Stay 
Trading Conditions
Products
Tools
Britain's Labour Party is looking into moving some of the Bank of England's functions to Birmingham from Threadneedle Street in London, according to an interim report on the British financial system.
Launched by the opposition Labour Party's finance policy chief John McDonnell, the report was led by consultants GFC Economics.
“This important report drums home the message that our financial system isn't delivering enough investment across the whole country, and in the high-technology industries and firms of the future where it is needed most,” Labour's finance spokesman, John McDonnell, said in an emailed statement.
The report's main recommendation includes establishing BoE offices in Glasgow, Cardiff and Belfast, along with two smaller regional offices in Newcastle and Plymouth. It also called for locating Labour's National Investment Bank in Birmingham.
The report stated that the proposed recommendations will be considered for inclusion in the next Labour manifesto.
The U.K.'s output from high-tech industries has declined on average over the last ten years, the report noted, with only one other European Union member performing more weakly.
Flow of funds analysis shows that banks are diverting resources away from industries vital to the future of this country.
Investment in manufacturing, information and communications technology and other significant sectors in Britain fell short by 28 billion pounds behind investment in real estate companies, as shown in the the report.
