Business

Post-Brexit: US tech leaders still pick London as their top European capital

By Oliver Smith 19 September 2016
Mayor of London Sadiq Khan.
Summary

The first post-Brexit poll of US business confidence in Britain.

You might think, post-Brexit, that American technology and business leaders might be less confident about London, especially when it comes to opening new offices.

Surely right now they might be looking to other leading European cities to start a business in? Apparently not.

London leading the way

According to new research from YouGov and announced by Mayor of London Sadiq Khan in New York today, most US tech executives would still pick London as their No.1 destination for establishing a European business.

Khan said: “Despite the country’s decision to leave the European Union, there is no doubt that London will continue to be the booming and successful city it is today, open to talent and creativity from across the world and a leading destination for American business.”

The surprising results were collected at the end of August, in the wake of Britain’s decision to leave the European Union and with the difficult and uncertain process of Brexit underway.

Perhaps even more interestingly is that the amount of money pouring into London-based tech companies has continued to boom even post-Brexit.

Since 23 June through 15 September London has received more investment than any other major European tech hub, according to data from PitchBook Research, $425m across 33 deals – more than Dublin, Paris and Amsterdam combined.

That’s not to say that London’s success post-Brexit is guaranteed, many of these deals have likely been spurred on by the cheap pound encouraging investors to pick up a Brexit bargain.

But, today anyway, the figures are looking strong.

YouGov asked 209 US tech executives: “Imagine you were considering establishing a European operation, which, if any, of the following cities would you most likely consider choosing?”

Ranking European City
1 London
2 Dublin
3 Zurich
4 Amsterdam
5 Frankfurt
6 Berlin
7 Stockholm
8 Madrid
9 Paris
10 Lisbon