Five years since the Mayor of London, Boris Johnson MP and the Prime Minister, David Cameron, launched the Tech City Initiative, new research shows London has cemented its position as the most important tech hub in Europe and is forecast to boost its economy by £18bn in 2015.
The research coincides with the launch of London Technology Week, a week-long celebration of the capital’s tech sector which includes 200 events.
London’s digital technology sector is growing faster than both the London and wider UK economy and will continue to do so for the next decade according to the research from London & Partners, the Mayor’s promotional company for London.
Figures produced by Oxford Economics this month show that the number of companies in London’s digital technology sector has grown by 46% since the launch of the Tech City programme. It is a sector that now employs almost 200,000 people.
And research from the professional services firm EY in May shows London’s dominance of tech across Europe. According to EY more than 1,000 international tech investment projects located in London between 2005–2014, significantly more than the next most attractive city, Paris (381).
Mayor Boris Johnson MP today (15 June) will help launch the first ever dedicated online hub for the capital’s digital industry. Sponsored by IBM, and created by Gust, the ‘Tech.London’ website promises all the latest information and resources for Londoners to access opportunities in the tech sector, connect with each other, and grow their businesses. Content includes London’s latest startups, investors, events, jobs, blogs, videos and other tech or startup resources.
The Mayor said: “With our unrivalled mix of investors, talent and creativity it is hardly surprising that tech businesses and entrepreneurs are clamouring to be part of the incredible London tech story. This sector has flourished beyond recognition in the last five years, creating thousands of jobs and outpacing the rest of the economy. London Technology Week is rightly a celebration of that success. Now we need to continue our work to boost connectivity across the capital and arm the tech stars of the future with the skills they will need to drive forward this valuable industry for years to come.”
Mark Gregory, UK Chief Economist at EY added: “In the eyes of international investors, London is a truly world-class magnet for technology investment. Fostering innovation and the capital’s growing reputation for R&D investment appears to reflect the electrifying impact of the fast-growing tech sector. There is now a growing belief that next global tech giant will come from London.”
Amazon is also announcing, 15 June, that it has completed the move of its corporate HQ operations to London including moving more than 2,000 jobs to the capital.
London Technology Week runs 15-21 June. Hundreds of international companies and tens of thousands of visitors will come to London to take part in more than 200 events organised as part of London Technology Week. Featuring major global brands, including Bloomberg, Accenture and Goldman Sachs, as well as home-grown London-based tech companies such as Funding Circle and Blippar, London Technology Week will showcase the city’s role as the digital hub of Europe.
Image courtesy of London & Partners