London’s digital tech to grow

The next ten years could be a period of growth for London’s technology industry and create an additional $20 billion of economic activity and 46,000 new jobs by 2024,

Beancounters working for  promotional organisation London & Partners reckoned that over the next decade, London’s digital technology sector could grow by 5.1 percent.

But the bad news is that the growth will not mean Londoners will take the jobs. Instead 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.

The extra 46,000 jobs would be nearly 30 percent more than the 155,600 currently employed.

Meanwhile South Mountain Economics said the broader tech/info sector in the British capital has agreed with the findings and said that London employed 382,000 workers in 2013, an increase of 11 percent since 2009.

Tech and information businesses in London, southeast and east England are growing faster than in California, South Mountain Economics said.

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