PRA Moorgate office space costs £1m a year more

The PRA is to be located in Moorgate, in close proximity to the Bank of England. The new regulator, due to be established early next year, will be part of the Bank of England. The bank said, based on latest estimates, the additional accommodation costs of the Moorgate office building would be just under £1m more per year, over the next 15 years than retaining its current Canary Wharf base. It was agreed that the cost was "considerably outweighed" by the advantages of integrating PRA's people and operations. A statement from the bank said having it nearby was "highly desirable". It ...