London is looking to tap the deep pockets of Silicon Valley
Sadiq Khan, Mayor of London, hopes to persuade U.S. technology firms to invest in London more.
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Sadiq Khan (the mayor of London) traveled to California on a trade mission in an effort to persuade Silicon Valley technology leaders to spend more in the U.K capital.
Khan met on Tuesday with top tech executives, GoogleRuth Porat (CFO), venture capital investors, and entrepreneurs hailing from the Bay Area.
London’s mayor hopes that the relationship between Silicon Valley and London will be strengthened.
He wants U.S.-based tech companies to set up more London offices. He wants U.S. technology investors to invest more in London start-ups and give them more billions.
Google is one of the U.S.’s tech titans Meta, Amazon, Twitter AppleExisting large office buildings in capital are already in place. Silicon Valley giants such as Sequoia Ventures or Lightspeed Ventures recently opened outposts to aid them in finding investment opportunities.
Khan made a statement prior to his meetings stating that he was going to drum up more investments in London by American technology companies.
2016 was a year when there were worries that Brexit might lead to an exodus mass of U.S.-based tech workers. it didn’t happen.
Today, U.S. tech companies employ thousands across London. Most of them are highly-skilled roles with high salaries that add to the economy.
The January issue of Google announcedThe colorful Central St. Giles building is being purchased by the company for $1 billion. It already occupies several floors in London’s West End.
This internet giant is currently building another. vast new officeThere is enough space to accommodate over 4,000 people on the location just behind King’s Cross Station. Apple will also be one the major tenants in the Battersea Power Station Redevelopment.
Google has opened a new London office.
“Google has been committed to the growth and success of London through investments in our local offices, employees and R&D since we first opened our offices in London in 2003,” Porat said in a statement.
Google shares the belief of the Mayor in technology’s ability to generate sustainable economic growth. We look forward to strengthening our relationship with the capital over the coming years.”
The United States’ number-one destination for tech firms looking to grow internationally is London, according to Wednesday’s research. This ranking surpasses other European capitals, such as Paris and Berlin.
U.S. tech company investments can help create jobs in local communities and improve the economy, but they also have the potential to increase property prices. The last ten years have seen property values rise in King’s Cross, Shoreditch and other areas as tech companies like Amazon and Google moved in.
The average house price in June 2010 in N1 (the postcode that encompasses parts of King’s Cross and Shoreditch) was £561,671, according to property website Rightmove. By June 2020, that figure had risen to £939,561, with a range of factors behind the surge including both government and central bank stimulus.