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London Technology Week Opens with Study: Digital tech will boost London economy $20 billion

A new study by Oxford Economics has shown the rapid expansion of the tech industry and the major role tech plays in...

London Technology Week Opens with Study: Digital tech will boost London economy $20 billion

A new study by Oxford Economics has shown the rapid expansion of the tech industry and the major role tech plays in the London economy. The study, which was requested by the City of London, forecasts that London's digital technology sector will create 46,000 new jobs and £12 billion, or $20 billion, in economic projects, as reported by Reuters. The digital tech division would boost London's economy for 5.1% per year, and would bring the aforesaid benefits in the forthcoming ten years.

 

The Mayor of London's promotional organization, London & Partners, says the forecasted growth would be impacted by suggested changes to the immigration law, with which migrants would be allowed to enter the country under “exceptional talent” visas. Whether the forecast will depend on the proposed changes isn't clear just yet.

 

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According to South Mountain Economics, the global leader in economics analysis, the IT business in London, southeast and east England, is growing much faster than in California. London in particular is the world leader in financial technology, having approximately 44,000 workers employed in London, as compared to the 43,000 in New York and 11,000 employees in San Francisco's Silicon Valley.


 

The Oxford Economics study was released, perfectly timed, for yesterday's launch of the first ever London Technology Week, where the Mayor of London was joined by some leading figures in the global tech sector, saying, "Tech Week is a superb opportunity to hail the success of London's tech sector, which despite only being in adolescence already makes a tremendous contribution to our economy and is outperforming our rivals around the globe.”

 

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More than 30,000 business leaders, investors, developers and tech entrepreneurs will attend 200 events at the London Technology Week, which will feature some of the world's largest tech companies, but home successful firms as well. The events will highlight London's technical knowledge in financial tech, gaming, creative and retail tech, and will also showcase tech innovations and consumer tech demos.  

 

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