Why is London the Capital for Business?
London is often referred to as the business capital of the world, with its reputation being based on influence, the strength of its economic power and technological state, as well as other factors. It is also revered for its status as a ‘city gateway’, which means that it is an ideal tourist destination and hub for transport.
Technology plays a huge part in the way a city is viewed, so if a city places importance on keeping up to date with technological advancements, it will only enhance its reputation both as a tourist destination and a business centre. The report, carried out by PwC placed London as the 8th highest city for ‘technology readiness’ last year, but the city has jumped seven places, sitting in joint first place with Seoul. London also achieved second place in other categories, such as intellectual capital and innovation, and also the ‘demographics and liveability’ section, where first place went to Paris and Sydney, respectively.
The technological aspect of the poll also focuses on the city’s potential as a base for technological industries, such as software development and design. There are other cities worldwide that boast similar technological capabilities, such as San Francisco and Tokyo, but London’s leap to 1st place is testament to the advancement of their technology industry. The tech industry is stated to provide more than £12 billion into London’s economy over the coming decade, also providing 46,000 extra jobs for young professionals.
One of the reasons London is seen as a thriving business centre is the range of industries that it accommodates. There are five main business districts: The City, Westminster, Camden & Islington, Canary Wharf and Lambert & Southwark, each one catering primarily to different sectors, such as The City’s focus on finance and Camden & Islington’s haven for creative industries and design. As well as this, the fantastic transport links make traversing the different regions easy, and London’s airports make travelling abroad equally as simple.
The time zone of London is also very beneficial to working relationships with the US and Asian businesses. These partnerships with the aforementioned countries and other economic powerhouses are of great benefit to businesses in a variety of industries.
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