Shipley MP and Government Minister Chris Leslie today welcomed the news that Bradford & Bingley chief executive Steven Crawshaw is to relocate to Yorkshire.

As exclusively revealed in the Telegraph & Argus on Friday, Mr Crawshaw is swapping his office at the bank's London base for the company's headquarters in Bingley.

Today Mr Leslie, who voiced serious concerns to the Bradford & Bingley after it announced job cuts as part of £40 million of savings, said he was pleased by the decision.

He had been particularly worried at news that up to 450 jobs could go from Bingley by the end of next year and had warned that the bank risked alienating loyal customers by turning its back on the region.

Today he said he would be delighted to see the bank disprove his concerns.

"I think there is a strong customer loyalty in the Bradford and Bingley area to the firm of the same name and any evidence that they have a deep and long-standing commitment to the community is obviously welcome," he said.

"I have been worried slightly that the commercial pressures of becoming a bank and competing in a London environment have seen head office functions slip away.

"If the board can continue to show, through what it does, that it is still, ultimately, a local company then that is all to the good."

Mr Leslie admitted the bank must face pressures from the City for a presence in the capital, but needed to balance that against its local roots, customer base and staff.

He said it was important the company's key management staff and decision makers were located in the region and made use of well-qualified and experienced local people.

"There is a strong sense of trust and reliability towards the Bradford & Bingley and a lot of that comes from it being based nearby," said Mr Leslie.

"I do think it is important in a commercial sense. And I am glad that the chief executive is locating in the area - it is a most welcome development."

Mr Leslie said he would continue to monitor developments at the company and hoped Mr Crawshaw's stated commitment to the district would continue to be reflected in what happens in Bingley.

On Friday, Mr Crawshaw told the T&A the move was an illustration of his determination to take the company back to its roots and concentrate on its core lending business.

The decision to move north marks a significant milestone in the development of company, which moved many of its senior staff to London in the wake of becoming a bank in 2000 under former chief executive Christopher Rodrigues.

The firm currently employs around 1,300 at its main sites in Bingley and Crossflatts.