Business remain confident in London after Brexit and back tech to lead growth

Alys Key
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The Silicon Roundabout In Old Street
Silicon Roundabout is thought to be at the heart of post-Brexit success (Source: Getty)

Two thirds of business leaders believe that technology and the creative industries are crucial to London’s success after Brexit, according to a new survey.

The sector was selected as prime areas for London businesses to grow over the next five years by respondents to the latest CBI/CBRE London Business Survey.

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The next most valued sector, financial services, had only 49 per cent support compared to the 65 per cent backing tech and the arts. Next on the list was Fintech, receiving a 47 per cent rating.

Even though 88 per cent of London businesses were found to employ workers from countries in the European Union, nine in 10 remained positive about the UK’s future relationship with the EU.

But Brexit remains the top concern for London’s firms, as almost three in four (73 per cent) list it as their top concern while 69 per cent admit to making a contingency plan for after the withdrawal.

Read more: Impact of Brexit will be dependent on trade deals says Mark Carney

“Despite the political uncertainty in the air, London continues to enjoy sound economic health and strong business fundamentals,” said Eddie Curzon, London director of the CBI. “Nine in ten firms say our city is a great place to do business, whilst investment, expansion and hiring plans are all running high.”

Rajesh Agrawal, deputy mayor of London for business, affirmed a commtment to supporting the industry most valued in the capital.

He said: “London’s thriving tech and creative sectors make a massive contribution to the economy, so it’s no surprise they are so highly prized when it comes to assessing London’s future prospects. The Mayor and I are committed to doing all we can to help these sectors grow.”

Read more: UK woos foreign tech investors to boost post-Brexit digital economy

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