Fintech sector crucial to London’s future prosperity, according to research

Over 45 per cent of businesses believe the financial technology sector is crucial to the future of London’s prosperity, according to the CBI/CBRE London Business Survey.

The survey of 271 respondents found the creative and tech sectors are the most important for the city’s economic growth over the next five years, with these being cited by two-thirds of businesses. This was followed by the fintech sector (47 per cent) and the professional services sector (49 per cent).

Strategy

The survey found London is a top place for businesses, with over 90 per cent of respondents rating the city as a good or great place to do business.

Over 85 per cent of businesses in London were found to be employing workers from the EU, and 73 per cent expressed their concerns over Brexit. They state they’re worried about the UK’s role in Europe.

Businesses revealed how they will be tackling the problems surrounding Brexit, with 27 per cent planning to move part of their operations overseas.

62 per cent say they’ll develop a strategy to tackle the problem of a skills shortage if EU nationals are restricted from working in the UK.

Strong

Commenting on the survey, CBI London Director Eddie Curzon said that despite the political uncertainty, London is continuing to experience sound economic health, and strong business fundamentals.

He added that nine in ten companies say the capital is a great place to do business, while investment, expansion and hiring plans are running high.