Mayor of London Sadiq Khan hopes to convince US tech companies to invest more in London.
Leon Neal | beautiful pictures
Sadiq Khan, the mayor of London, has traveled to California as part of a trade mission to try to convince Silicon Valley tech leaders to invest more money in the UK capital.
On Tuesday, Khan met with high-profile tech bosses including Google Chief Financial Officer Ruth Porat, Venture Capitalists and Entrepreneurs from the Bay Area.
The Mayor of London ultimately hopes to cement the already strong relationship between London and Silicon Valley.
He especially wants more American technology companies to open offices in London. He also wants more American tech investors to back more London startups with their billions of dollars.
US tech giants including Google, Meta, Amazon, Twitter and Apple already have major offices in the capital, while Silicon Valley heavyweights including Sequoia and Lightspeed Ventures have also set up outposts in the city recently to help them find opportunities. start-up investment association.
Ahead of his meetings, Khan said in a statement that he plans to “blank the box for US tech companies to invest more in London.”
In 2016, there were fears that Brexit would lead to a massive exodus from American tech, but it didn’t happen.
Today, America’s tech giants employ tens of thousands of people across London, with many of them in highly-skilled and well-paid roles contributing to the city’s overall economy. city.
In January, Google announced that they are paying $1 billion for the Central St. Colorful Giles, where it has taken up several floors, in London’s West End.
The internet giant is also in the process of building big new office enough space for more than 4,000 employees on a plot behind King’s Cross train station, while Apple is believed to be one of the main tenants of the Battersea Power Station redevelopment.
Google’s new headquarters in London.
“Google has been committed to contributing to the growth and success of London through investments in our local offices, staff and R&D since we first opened,” Porat said. room in London in 2003,” Porat said.
“Google shares the Mayor’s belief in the power of technology to drive sustainable economic growth, and we look forward to continuing to strengthen our connection with the capital in the years to come.”
Research published on Wednesday found that London is the number one destination for US tech companies looking to expand internationally, ahead of other European capitals like Paris, Berlin and Stockholm.
While investments from US tech companies can create jobs and boost the local economy, they can also drive up house prices. For example, property prices in King’s Cross and Shoreditch have skyrocketed over the past decade as companies like Google and Amazon have moved in.
The median June 2010 house price in N1 (the postcode that includes parts of King’s Cross and Shoreditch) was £561,671, according to property website Rightmove. By June 2020, that number had risen to £939,561, with a host of factors behind the increase including government and central bank stimulus.
