The Bank of England has finally confirmed it will house its new banking regulation wing, the Prudential Regulation Authority, at 20 Moorgate (here’s a pic for those interested), a a few minutes’ walk from head office.
The Bank, keen for the PRA’s staff of 1,100 to be housed close to its Threadneedle Street headquarters in the City of London, will no doubt be pleased.
Perhaps less so the British taxpayer, left to foot the bill for a significant increase in rent.
According to research by CB Richard Ellis, a commercial property adviser, office rents in the City are more than a third higher than in Canary Wharf – the PRA’s current home – which is a 12-minute train ride away. Read more