UK ministers have chosen Birmingham as home of the Audit, Reporting and Governance Authority, a new audit regulator to replace the Financial Reporting Council.
The move comes amid broader efforts to move officials outside of London. The FRC has some 400 staff in the capital.
The Financial Times reports that 200 staff will move to Birmingham as soon as the new authority launches in 2024, with the rest to follow in due course.
Work is now underway to locate a suitable headquarters in the city.
