London tech scene to give the economy a £12bn kick over the next decade
A new study looking at the economic impact of London’s burgeoning technology sector has found that the industry will contribute an added £12bn of economic activity to the city alongside 46,000 jobs over the coming decade.
Compiled by Oxford Economics the report predicts an annual growth rate of 5.1 per cent, providing a timely fillip to the start of London Technology Week, where representatives of Microsoft and Google will descend on the capital alongside British firms such as Mind Candy.
London’s tech scene is described as the most vibrant in Europe and is centred on the environs of the so-called Silicon Roundabout, Shoreditch, where 16,000 new businesses were created last year.
Commenting on the event London mayor Boris Johnson said: “The tentacles of our digital army now spread to every corner of the capital and far beyond.”