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BREXIT: London remains main European business hub for US tech industry

London is still the main business centre in Europe despite the Brexit vote, US technology executives have said in a poll.21 Sep 2016

Mayor of London Sadiq Khan released details of the survey showing that London is seen as the main technology hub ahead of Berlin, Paris and Dublin, and the leading financial services centre rather than Frankfurt, Zurich and Amsterdam.

The survey of over 200 managers was conducted in August, after the Brexit vote, Khan's promotional company London & Partners said.  London is seen as the number one destination for US executives looking to establish a European technology operation because of the city's access to finance, its talent pool and the ease of doing business in terms of favourable time zones and lack of language barriers, it said.

"London has received more investment than any other major European tech hub, with London’s tech companies attracting $425 million across 33 deals since the Brexit vote - that’s more than Dublin, Paris and Amsterdam combined," it said.

Over the last five years American venture capitalists have invested $4.4 billion in London’s tech businesses, London & Partners said.

Khan said: "Our great city has long been at the very forefront of financial services. When you combine that with our newfound technological expertise, it creates an unrivalled opportunity for companies looking to break into the European market. Despite the country’s decision to leave the European Union, there is no doubt that London will continue to be the booming and successful city it is today, open to talent and creativity from across the world and a leading destination for American business."

Financial technology expert Luke Scanlon of Pinsent Masons, the law firm behind Out-Law.com said: "Brexit is not the first and will not be the last unexpected development full of unknowns that has had an impact on financial markets and should be thought of in these terms. For innovators, unexpected developments full of unknowns are no reason to put stops in place or delay progress."

"London as a city has a unique culture that leads many within it to think and act in this way. As long as it protects that culture, there will always be opportunity for technology, innovation and fintech to continue to thrive in London," Scanlon said.