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London is trying to faucet the deep pockets of Silicon Valley

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

Leon Neal | Getty Images

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 extra money within the U.Okay. capital.

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

The London mayor finally hopes to bolster what’s already a powerful 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 massive 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.

Ahead of his conferences, Khan stated in a press release that he deliberate to “bang the drum for even more investment in London by American tech companies.”

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

Today, U.S. tech giants make use of tens of hundreds of individuals throughout London, with lots of them in highly-skilled and highly-paid roles that contribute to the town’s total economic system.

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

The web big can also be within the means of constructing an unlimited new workplace with sufficient house for over 4,000 employees on a web site behind King’s Cross practice station, whereas Apple is ready to be one of many primary tenants of the Battersea Power Station redevelopment.

Google’s new London headquarters.

Google

“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 stated in a press release.

“Google shares the Mayor’s belief in the power of technology to drive sustainable economic growth, and we look forward to continuing to deepen our connection to the capital in the years ahead.”

Research printed Wednesday exhibits that London is the primary vacation spot for U.S. tech corporations that need to increase internationally, forward of different European capitals akin to Paris, Berlin and Stockholm.

While investments from U.S. tech corporations can create jobs and enhance native economies, they will additionally push up home costs. Property costs in King’s Cross and Shoreditch have soared within the final decade as corporations 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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