London’s firms look to tech for future growth

Oliver Smith
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London is looking to tech
Technology and creative industries, along with professional and financial services, coming out of Canary Wharf, the Royal Docks and Stratford will drive London’s growth over the next five years, according to the latest survey from the Confederation of British Industry (CBI).

Nearly 70 per cent of London’s businesses believe that the technology and creative industries will be the key driver of this growth.

“The technology and creative industries have shot up the ladder as some of the fastest-growing sectors in London, with the majority of businesses seeing them as holding the key to the capital’s future growth,” said CBI London director Lucy Haynes.

“As the recovery gathers steam, it’s encouraging that London firms continue to be upbeat about the future and are looking to expand.”

More than half of firms asked (58 per cent) said they believed that East London would be vital to the city’s future economic growth, while 44 per cent also rated the City, Shoreditch and Old Street as key engines of this growth.

“The technology and creative sectors in the capital are in rude health, and play a key role in the burgeoning recovery,” said Richard Reid, KPMG’s London chairman and East London Business Alliance chairman.

Businesses in the capital said holding on to their top staff remained their top concern (97 per cent), while the lack of skilled staff (80 per cent) and cost of London housing (40 per cent) remained pressing issues.

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