London: A World Leading Digital HubJuly 8, 2013
Today, London First – alongside Deloitte, EMC and Intel – has published London Enabling a World Leading Digital Hub, a new report that finds that the London technology, media and telecoms (TMT) sector generates an overall economic contribution of £125bn a year to London and the rest of the UK, accounting for 8% of UK GDP.
Other key findings include:
- Half (46 per cent) of UK media jobs are in London;
- The sector employs over 440,000 people in London;
- One in ten jobs in London are in the TMT sector;
- Over a quarter (28 per cent) of total TMT employment in the UK is in Greater London;
- TMT companies occupy 25 million sq ft of real estate in central London, 13 per cent of office space.
To ensure London remains a global TMT hub, the Government and financial services industry need to support the technology sector with adequate funding to develop companies that can be globally successful. The sector also needs to drive collaboration between businesses, universities and other institutions, and nurture talent that combines creative and tech skills, to successfully innovate in the digital economy.