Technology sector to create 46,000 new jobs in London

Technology sector to create 46,000 new jobs in London

According to estimates, the evolving digital tech sector in London is expected to create 46,000 new jobs in the next decade and create an additional £12bn of economic activity.

Oxford Economics said that the sector is expected to grow at the rate of around 5.1per cent per annum during the period. The analysts also said that the sector, which is located around Silicon Roundabout in Shoreditch, will contribute significantly to the country economy.

The report comes at a time when the city is ready to host the London Technology Week, which is a collection of events around the city. Organisers said that the events will attract around 30,000 entrepreneurs and investors to city. Leading technology firms including Microsoft and Google besides British firms such as Mind Candy will host events in the city.

Boris Johnson, the Mayor of London, will begin the event in Shoreditch on Monday. Business leaders including Sir Michael Moritz, chairman of Sequoia Capital, and Michael Bloomberg, the former mayor of New York City will join Johnson at the event.

"The tentacles of our digital army now spread to every corner of the capital and far beyond," Mr Johnson said.

A host of firms including Microsoft, IBM, Virgin Media, Capgemini and British Airways have said that they will hire more workforce in the coming years.

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