A Labour government under Jeremy Corbyn could move large parts of the Bank of England — housed in the City of London since 1694 — to Birmingham should it win the next election, as part of a radical overhaul of financial markets oversight in the UK.

The move is part of a planned restructure to tackle economic inequality across the country, outlined in a document published by east London-based think tank GFC Economics and Clearpoint Corporation Management. The findings were first reported by the Financial Times.