News

London’s Tech City expands outside of capital

Tech City has grown beyond London on account of an increase in digital technology businesses across the UK

5 Feb 2015

An increase in technology businesses across the UK has meant that London's TechCityUK has expanded well beyond the capital in recent years.

According to the first Tech Nation report, 74 per cent of digital technology companies now reside outside of London.

There are now more than 47,000 digital tech businesses across the UK, the report reveals, with 15 per cent of companies set up since the economic recession focused on digital technology.

In the foreword from Gerard Grech, CEO of TechCityUK, said: "The UK's digital economy is thriving. Venture capital investment in London's tech companies alone is 20 times what it was five years ago. Cities as diverse as Cardiff and Newcastle now boast growing digital tech economies.

"Now is the right time to shine the spotlight on this exciting network of digital clusters, and map out the prospects for professionals and investors."

The expansion of the industry to cities across the UK has challenged the concept of London's TechCityUK started in 2010 to support companies in and around East London which assumed the bulk of technology companies are based in the capital.

The remit of these efforts has now expanded to include the rest of the nation, which continues to thrive.

"Through Tech City UK, this Government has supported digital entrepreneurs in London, creating one of the capital's great success stories," said Prime Minister David Cameron.

"We also committed to supporting the growth of our digital industry nationwide and Tech Nation shows the great innovation and thriving entrepreneurial spirit that is driving the sector forward across the country."