London is trying to faucet the deep pockets of Silicon Valley

Mayor of London Sadiq Khan hopes to persuade U.S. tech companies to take a position extra in London.

Leon Neal | Getty Photographs

Sadiq Khan, the mayor of London, traveled to California as a part of a commerce mission to attempt to persuade Silicon Valley tech leaders to take a position more cash within the U.Okay. capital.

On Tuesday, Khan met with senior tech bosses together with Google Chief Monetary Officer Ruth Porat, enterprise capital buyers and entrepreneurs from the Bay Space.

The London mayor finally hopes to bolster what’s already a robust relationship between London and Silicon Valley.

He particularly needs extra U.S. tech companies to open extra places of work in London. He additionally needs extra U.S. tech buyers to again extra London start-ups with extra of their billions.

U.S. tech giants together with Google, Meta, Amazon, Twitter and Apple have already got giant places of work within the capital, whereas Silicon Valley enterprise capital heavyweights together with Sequoia and Lightspeed Ventures have additionally arrange outposts within the metropolis just lately to assist them discover start-up funding alternatives.

Forward of his conferences, Khan stated in a press release that he deliberate to “bang the drum for much more funding in London by American tech firms.”

In 2016, there have been issues that Brexit would result in a mass exodus from U.S. tech, however it did not occur.

At the moment, U.S. tech giants make use of tens of 1000’s of individuals throughout London, with a lot of them in highly-skilled and highly-paid roles that contribute to town’s total financial system.

In January, Google introduced that it’s paying $1 billion for the colourful Central St. Giles constructing, the place it already occupies various flooring, in London’s West Finish.

The web big can also be within the technique of constructing a huge new workplace with sufficient house for over 4,000 workers on a website behind King’s Cross prepare station, whereas Apple is ready to be one of many fundamental tenants of the Battersea Energy Station redevelopment.

Google’s new London headquarters.

Google

“Google has been dedicated to the expansion and success of London by means of investments in our native places of work, staff and R&D since we first opened our places of work in London in 2003,” Porat stated in a press release.

“Google shares the Mayor’s perception within the energy of expertise to drive sustainable financial development, and we stay up for persevering with to deepen our connection to the capital within the years forward.”

Analysis printed Wednesday exhibits that London is the primary vacation spot for U.S. tech firms that need to develop internationally, forward of different European capitals resembling Paris, Berlin and Stockholm.

Whereas investments from U.S. tech firms can create jobs and increase native economies, they’ll additionally push up home costs. Property costs in King’s Cross and Shoreditch have soared within the final decade as firms like Google and Amazon have moved in, for instance.

The common home worth in June 2010 in N1 (the postcode that encompasses elements of King’s Cross and Shoreditch) was £561,671, in response to property web site Rightmove. By June 2020, that determine had risen to £939,561, with a spread of things behind the surge together with each authorities and central financial institution stimulus.

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