Digital tech can give London a $20 bln boost in a decade - study

LONDON Mon Jun 16, 2014 10:56am IST

Tower Bridge is seen behind commuters as they walk across London Bridge during an Underground strike in London February 5, 2014. REUTERS/Eddie Keogh/Files

Tower Bridge is seen behind commuters as they walk across London Bridge during an Underground strike in London February 5, 2014.

Credit: Reuters/Eddie Keogh/Files

Related Topics

LONDON (Reuters) - Over the next decade, London’s digital technology sector could grow by 5.1 percent a year, creating an additional 12 billion pounds ($20 billion) of economic activity and 46,000 new jobs by 2024, according to a forecast commissioned by the city.

The forecast, by Oxford Economics for London promotional organisation London & Partners, said growth would be helped by proposed changes to immigration law that will give technology firms the right to bring in migrants on "exceptional talent" visas. It refers to Gross Value Added (GVA) and an average annual growth rate, London & Partners said in a statement.

A spokesman could not immediately clarify if the forecast was conditional on the changes to immigration law. The extra 46,000 jobs would be nearly 30 percent more than the 155,600 currently employed.

Separately, South Mountain Economics said the broader tech/info sector in the British capital employed 382,000 workers in 2013, an increase of 11 percent since 2009.

Tech and information businesses in London, southeast and east England – including the university cities of Oxford and Cambridge – are growing faster than in California, South Mountain Economics said.

Its analysis found London is world leader in financial technology (fintech), employing more workers in the sector than New York City and San Francisco-Silicon Valley. There are an estimated 44,000 fintech workers within 25 miles of London, it said, compared with 43,000 for New York and only 11,000 for San Francisco-Silicon Valley.

The reports were released to launch London Technology Week, where more than 200 events will be attended by more than 30,000 tech entrepreneurs, investors, business leaders and developers from around the world.

($1 = 0.5956 British Pounds)

(Reporting by Sara Ledwith; Editing by Mark Potter)

FILED UNDER:
  • Most Popular
  • Most Shared

GOOGLE

Tech Showcase

Apple Settlement

Apple Settlement

Apple $450 mln e-book settlement gets final court approval.  Full Article 

Samsung Complain

Samsung Complain

Samsung files ITC complaint to block Nvidia chips from U.S. - Bloomberg.  Full Article 

Jeep SUVs

Jeep SUVs

Chrysler says it will speed up recall repairs for Jeep SUVs.  Full Article 

Internet Rules

Internet Rules

Any new U.S. Internet rules must withstand lawsuits - FCC chief.  Full Article 

Amazon's Plan

Amazon's Plan

Amazon plans ad-supported video streaming service - NY post.  Full Article 

Cellphone Upgrade

Cellphone Upgrade

Mobile phones to get handy upgrade.  Video 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage