London is one of the world's great cities; a diverse and multicultural environment and a magnet for people and talent, located in the ideal time zone for global business. London's combination of diverse commercial interests, good travel connections and excellence in higher education, culture and financial services make it an ideal destination for British and international organisations.
This new digital report, published in conjunction with EMC, Intel and London First, looks to develop a vision for London's digital future and exploit its economic contribution.
Key findings
London is an economic engine for the rest of the UK. The TMT sector operating in London enables £125bn of economic activity across the UK, which represents 8% of UK GDP.
TMT activity in London has led to £77bn of economic impact for the rest of the UK through the direct creation of economic activity as well as the enablement of other sectors within the economy.
Other key findings are:
- The £26bn of direct economic impact (Gross Value Added) from the London TMT sector leads to an additional £23bn of economic impact for London;
- Nearly half (46 per cent) of UK media jobs are in London;
- Over a quarter (28 per cent) of total TMT employment in the UK, is in greater London;
- 21 per cent UK technology employment, and 19% of telecoms jobs are in London;
- The sector supports over 440,000 jobs in London;
- The telecommunications sector generates over £116k per year in economic value per worker;
- TMT companies occupy 25 million square feet of real estate in central London and 13 per cent of office space.
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London: Enabling a world leading digital hub
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