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London is trying to take advantage of the deep pockets of Silicon Valley

London Mayor Sadiq Khan wants to convince US tech companies to increase their investment in London.

Leon Neil | Getty Images

London Mayor Sadiq Khan visited California as part of a trading mission to persuade Silicon Valley tech leaders to invest more money in the British capital.

On Tuesday, Kahn met with senior tech bosses, including: Google Chief Financial Officer Ruth Porat, venture capital investor and Bay Area entrepreneur.

The Mayor of London finally wants to strengthen what is already a strong relationship between London and Silicon Valley.

He especially wants more US tech companies to open more offices in London. He also wants more US technology investors to help their billions of more London start-ups.

U.S. tech giants, including Google Meta, Amazon, twitter When Apple Although there are already large offices in the capital, Silicon Valley venture capital giants such as Sequoia and Lightspeed Ventures have recently set up outposts in the city to help find startup investment opportunities.

Prior to the meeting, Kahn said in a statement that he plans to “drum for further investment by American tech companies in London.”

In 2016, there was concern that Brexit could lead to a mass outflow from US technology, It didn’t happen..

Today, tech giants in the United States employ tens of thousands of people across London, many of whom have advanced skills and high-paying roles that contribute to London’s economy as a whole.

In January, Google announced You’re paying $ 1 billion for the colorful Central St. Giles Building, which already occupies several floors in the West End of London.

Internet giants are also Vast new office Behind King’s Cross Station is ample space to accommodate more than 4,000 staff, and Apple will be one of the major tenants in the redevelopment of the Battersea Power Station.

Google’s new London headquarters.

Google

“Google has been committed to London’s growth and success through investments in local offices, employees and R & D since it opened its office in London in 2003,” Porat said in a statement.

“Google shares the mayor’s belief in the power of technology to drive sustainable economic growth and looks forward to continuing to connect with the capital.”

London is the number one destination for US tech companies looking to expand internationally, ahead of other European capitals such as Paris, Berlin and Stockholm, according to a study released Wednesday.

Investment from US tech companies can create jobs and boost the local economy, but it can also boost home prices. Real estate prices in Kingscross and Shoreditch have skyrocketed over the last decade due to the move-in of companies such as Google and Amazon.

According to the real estate website Rightmove, the average home price for N1 (zip code including parts of Kingscross and Shoreditch) in June 2010 was £ 561,671. By June 2020, that number had risen to £ 939,561 and there were various factors behind the surge, including stimulus measures for both government and central banks.

London is trying to take advantage of the deep pockets of Silicon Valley

Source link London is trying to take advantage of the deep pockets of Silicon Valley

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