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When it comes to art, theatre or finance, London (UK) is one of the world's greatest cities. But beyond its cultural offerings, it is also one of Europe's most attractive places for the technology industry.
According to the latest figures from the Digital Economy Council (DEC), the UK’s tech sector is the largest in Europe and the third largest in the world, with a total market value of $1 trillion; the UK is also the third country to reach this valuation after the US and China. In other words, the UK’s tech industry is worth more than double that of Germany ($467.2 billion) and triple that of France ($307.5 billion).
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| A corner of London, England. Photo: BBC |
The UK is home to 13 tech unicorns worth more than $10 billion, including digital bank Revolut, payments platform Rapyd and fintech FNZ, all headquartered in London.
In fact, the UK also topped the poll with more high-growth companies than its European counterparts, producing 144 unicorns with valuations of $1 billion or more and 237 future unicorns. In 2022, tech companies raised a record $30 billion in investment, more than France and Germany combined, bringing the total raised over the past five years to $120 billion.
The UK has become more competitive in technology thanks to a combination of a thriving startup scene, vibrant investment community, favorable government policies and a spirit of innovation.
One of the main reasons London has maintained its status as a tech hotspot is the UK government's efforts to harmonize innovation with standards.
For example, earlier this year the UK introduced a new approach to regulating artificial intelligence (AI) based on core principles of safety, transparency and fairness. The government introduced new regulatory powers for digital markets to promote competition and create a level playing field for technology companies.
Rapid advances in AI, virtual reality, blockchain technology and soon quantum computing are all fueling the fourth industrial revolution.
The Department for Digital, Culture, Media and Sport was recently replaced by the Department for Science, Innovation and Technology – a clear signal of the government’s intention to cement the country’s position as a science and technology superpower by 2030.
The ministry plans to grow the UK economy, create the well-paid jobs of the future, protect security and radically improve people’s lives through science, innovation and technology. The plan is backed by more than £370 million (€418 million) of government support to boost infrastructure, bring the world’s best talent to the UK and capture the potential of machine learning innovations.
Technological advances are accelerating at a dizzying pace, leading to a demand for human resources, with US technology corporation Microsoft predicting that by 2025 there will be 3 million new technology jobs in London. In addition, the British capital also scores highly for quality of life.
The Boston Consulting Group's City of Choice 2023 report found London topped the rankings as the "most desirable supercenter", ahead of New York, Shanghai, Beijing and Los Angeles.
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