London’s tech economy could grow by STG12 billion ($A21.
90 billion) over the next decade, creating 46,000 jobs, new research claims.
The capital’s digital economy will grow 5.1 per cent per year over the next 10 years, according to Oxford Economics research commissioned by Mayor Boris Johnson’s London & Partners promotional organisation ahead of London Technology week, which starts on Monday.
Separate research claims that the tech sector in London, the southeast and eastern England, including Oxford and Cambridge, is growing faster than California.
The analysis by South Mountain Economics, supported by Bloomberg Philanthropies, claims London is a world leader in financial technology, employing more workers in the sector than New York and Silicon Valley.
Mr Johnson will be joined by former New York mayor Michael Bloomberg on Monday as he attempts to woo tech funds and jobs to the capital.
Mr Johnson said: “Tech Week is a superb opportunity to hail the success of London’s tech sector, which despite only being in adolescence already makes a tremendous contribution to our economy and is outperforming our rivals around the globe.
“We forecast that they will generate a whopping STG12 billion ($A21.90 billion) of economic activity and 46,000 new jobs in the capital over the next decade.”
Some 30,000 tech entrepreneurs, investors, business leaders and developers are expected to attend more than 2000 events featuring Microsoft, Samsung, Google, Eventbrite and Yammer, plus UK success stories like Mind Candy and Hassle.
Meanwhile, Swedish online payments firm Klarna confirmed it was setting up a UK headquarters in London.
A spokesman said: “London is the natural choice not only because it is a base for growth in the UK, but also because it’s a springboard to continued global expansion.”
The Mayor of London’s office also said that King’s College London and the University of Warwick will announce a plan to link with New York University to create a Centre for Urban Science and Progress in London’s Docklands from 2018.
Mr Bloomberg said: “Tech companies thrive on data, and the new Centre will harness the power of data to make London an even better place, just as NYU-CUSP is doing in New York.”