London businesses pin future growth hopes on the tech and creative sectors
London-based businesses are gravitating toward the tech and creative sectors as the best places to secure growth over the next five years as firms adjust to a post-Brexit landscape.
London businesses pin future growth hopes on the technology & creative sectors
The CBI/CBRE London Business Survey found that 65% of business leaders supported technology and the arts, versus just 49% willing to put their money into financial services – the highest value category in the capital. In third spot Fintech received the backing of 47% of surveyed businesses.
Overshadowing everything are negotiations for Britain’s withdrawal from the EU, of particular interest to a city where 88% of firms employ European workers, although 9 in 10 were confident that Britain’s relationship with European partners would remain cordial.
Eddie Curzon, London director of the CBI, said: “Despite the political uncertainty in the air, London continues to enjoy sound economic health and strong business fundamentals. Nine in ten firms say our city is a great place to do business, whilst investment, expansion and hiring plans are all running high.”
Nevertheless Brexit was cited as a concern by 73% of businesses, prompting 69% to prepare contingency plans in case negotiations do not deliver hoped for results.
Google, Amazon and Facebook have all pressed ahead with large new London HQ's since the Brexit vote.