London is a magnificent city with a huge population. It is known as many things, including the cultural, financial and tech capital of Europe. According to the Guardian, more than a fifth of Europe’s largest 500 companies choose to base their headquarters in London. Many businesses choose London as their home, especially those in the financial and technology sectors.
The UK and especially London is a desirable business location because of its many transport connections and proximity to other business hubs such as Paris, Amsterdam, Berlin and Brussels. The diverse city also boasts world class arts and entertainment along with promising employment opportunities – especially for IT workers.
With London emerging as Europe’s fastest growing tech hubs, it seems that skilled workers are flocking to the English capital. A survey of global tech workers, conducted by YouGov and London & Partners, revealed that mobile workers would prefer to relocate to London than any other European city. Respondents cited the main reasons for the city’s attractiveness as good international travel connections, a creative and innovative environment and cultural diversity. London was named as one of the world’s top technology hubs, only pipped to the post by New York and San Francisco over the pond.
Additionally, London has succeeded in attracting highly skilled workers, spurred on by the growing tech industry. When it comes to skilled talent, London leads the way with a 16% increase in the past three years in high skilled workers. It attracts more highly skilled workers than anywhere in the world, including rivals such as New York and Sydney.
The future of London’s tech industry post-Brexit
Of course, after all of this promising growth in the capital, there is something which could change everything – Brexit. Some businesses are already considering moving their European headquarters away from London so they can stay within the EU, and the economic uncertainty is scaring businesses and tech talent away.
The City of London and the financial sector seems to think the economy will suffer from having no access to the EU’s single market. When it comes to the tech industry, one of the biggest concerns is free movement. It is difficult to find suitable high skilled talent, and many tech firms look to attract workers from overseas to fill the skills gap. It’s thought around 40,000 digital businesses are based in inner London and as it stands, the city is still Europe’s biggest technology cluster. However, only time will tell how post-Brexit London will cope with this political minefield.