Free offices to lure foreign businesses

Boris Johnson today issued an unprecedented plea for foreign businesses to invest in London to shore up the economy.

The Mayor offered an open invitation to hundreds of developers at Europe's biggest property trade fair, Mipin, including a year's free office space to persuade them to relocate.

It was revealed no foreign businesses have yet committed to the Olympic Park.

Developer LendLease had been expected to invest hundreds of thousands of pounds transforming the Olympic Village into affordable homes but was forced to withdraw after being bailed out with £1billion of taxpayer's money last year.

The Mayor's offer is part of London Now, a new plan developed with business relocation agency Think London, and will include advisors to support firms who want to establish a London base. Under the deal, businesses will be offered free desk space normally costing £150,000 by office services company Avanta with the hope they will then rent more space with the same firm.

Head of Avanta, David Alberto, said the scheme could be doubled if it was a success.

Next week Mr Johnson and Think London, funded by the London Development Agency and the City of London Corporation, will host about 40 high-profile business executives from China interested in locating to London.

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ENDS