London’s tech city seems like the best place for business this week.
Some 25 fast growing tech companies were chosen to join the government’s Future Fifty scheme, which aims to discourage British tech companies from moving to Silicon Valley while encouraging overseas ones to open offices in the UK.
The overall hope is that the companies will grow their business into major ones and potentially float on the London Stock exchange.
Greater focus is also going into education, another building block of a functioning economy. The year-long programme offers mentorship and business development support in accountancy, legal advice, corporate governance and marketing among other areas.
What’s more, Chinese tech firm Huawei revealed plans for a new £200m research and development centre in the UK, while leading social gaming firm Rekoo is set to be the first high-profile Chinese company to open another base in the city.
Despite the security concerns over Chinese tech firms having access to the UK’s telecoms infrastructure, Chancellor George Osbourne said the move confirms London as "a world centre for digital innovation".
However, there are still challenges facing the UK. For example, rents are still expensive, digital infrastructure is below the level of Silicon Valley as well as the threat of Dublin set to become the technology capital of Europe.
