Both the chancellor and shadow chancellor have welcomed HSBC’s decision to move its personal banking headquarters to Birmingham as a positive step for banking.
On a visit to Birmingham, shadow chancellor Ed Balls said the banking giant will be better-placed to serve its communities in Birmingham than in Canary Wharf.
Meanwhile, chancellor George Osborne told the Post the HSBC announcement showed there was a “truly national recovery”.
Mr Balls said “This is a real vote of confidence in Birmingham and the local Labour leadership. This will bring in thousands of jobs and help spread opportunities outside of London and the South East.
“It is also a symbol that banks are going to serve our communities more than they have in the past.”
The move, announced this afternoon, means while the investment bank remains in London, HSBC's head office for personal, business and corporate banking will be at Arena Central by 2018.
The chancellor said: “I’m delighted that one of Britain’s biggest companies, HSBC, is coming to Birmingham to set up its new UK headquarters. The announcement today means 1,000 jobs for the city and a major boost for the Midlands as the engine for growth in Britain.
“Our long term economic plan is all about building up our great cities outside of London and creating a truly national recovery, and I’m glad that our financial industry is contributing to that.”