London's tech industry 'will add £12bn to capital's economy'

London's booming tech industry will pump £12 billion into the capital’s economy over the next 10 years, according to a major study.

The research cements London’s status as a “digital powerhouse” from which tech firms will provide an extra 46,000 jobs by 2024 — and comes as 30,000 tech-heads, entrepreneurs and investors flood the capital for the first London Technology Week.

The biggest names in the industry will speak at some of the 200-plus events across London, with the latest technology on show.

A separate study shows growth in England’s tech sector, with London at its centre, is outstripping California’s Silicon Valley and reveals London now employs more workers in the financial technology sector than New York or San Francisco. Virgin boss Sir Richard Branson said: “The tech entrepreneurial spirit in London is thriving. Today there are more great ideas, investors and working spaces across the city.

“It’s a great time to showcase the capital’s successes and opportunities to the global tech sector and demonstrate what London has to offer.”

Swedish firm Klarna was due to announce its London launch today with £100 million of investment, underlining the capital’s status as a tech magnet.

Joanna Shields OBE, the chairwoman of Tech City UK — a cluster of digital companies in east London — said: “London is a digital powerhouse. In recent years the tech sector has played a crucial role leading economic recovery, accounting for 27 per cent of new job creation.”

Events during Technology week include international conferences, lectures, workshops, face-to-face investor meetings, pitching competitions and hackathons.