Mayor Khan says booming tech sector to assist London by way of Brexit

LONDON (Reuters) – London’s standing as Europe’s main hub for the tech sector will assist it climate Brexit regardless of the very best efforts of Paris, Berlin and others to compete, the British capital’s mayor Sadiq Khan stated on Monday.

Sadiq Khan, the Mayor of London, attends an event in London, Britain, June three, 2018. REUTERS/Simon Dawson

Britain has for years been the highest European vacation spot for international funding, however a survey by accountancy group Ernst & Young (E&Y) on Monday confirmed Germany and France closing the hole.

According to 450 global buyers surveyed by E&Y, Germany was thought of essentially the most engaging place in Europe for future funding, with France second and Britain third. Paris was named essentially the most engaging metropolis for funding, overtaking London for the primary time because the survey started in 2004.

But Khan stated investments in London’s tech sector, from the likes of Facebook, Amazon and Google, plus the town’s power in new applied sciences together with synthetic intelligence, gave him hope that London would carry on attracting entrepreneurs and funding from across the world.

“Berlin and Paris start from a low base, and frankly speaking can only go one way,” Khan advised Reuters on Monday on the London Tech Week conference.

“London is different to the rest of the UK. Our underlying strengths – we’re the financial capital of the country, the cultural and political capital – that’s not going to change.”

Britain is because of exit the European Union on March 29, 2019 however with a transition interval to ease the method.

A survey launched final week by London’s promotional company confirmed Britain stays the main European vacation spot for worldwide tech buyers, attracting virtually 3 times extra enterprise capital funding than some other European nation over the previous two years.


But Khan, who campaigned for Britain to stay within the EU, stated he fearful about the remainder of the nation and whether or not it may entice international funding at a time of such uncertainty.

Campaigners for remaining within the EU warned earlier than the referendum that funding in Britain would fall if it voted to go away the world’s greatest commerce bloc.

While some worldwide finance jobs have moved to Europe, Khan stated funding in new applied sciences gave him religion for the long run.

But Khan added that he would proceed to carry tech corporations to a excessive commonplace, demanding that social media teams take accountability for the content material that seems on their website.

Khan has additionally beforehand backed transport officers of their transfer to strip the ride-hailing company Uber of its licence.

“Social media companies …need to do more,” he stated. “They need to make sure that they themselves take responsibility for these problems rather than regulation being imposed on them.”

Reporting by Kate Holton; Editing by Gareth Jones

Tech News


Show More

Related Articles