June 16 (Bloomberg) -- London’s technology industry needs more engineers, better access to venture capital and faster Internet access to support continued growth, according to a Boston Consulting Group report.
The city also needs a reformed immigration process to retain more foreign university students and attract new talent from abroad as well as more tax benefits to encourage venture capital firms to invest, according to the report, published today at the Bloomberg Technology Summit in London. Increasing the amount of commercial space and providing more faster fiber Internet connections would also benefit the economy, it said.
The number of jobs in technology and information has swelled 15 percent in the past five years, outpacing the rest of the city as a growing pool of educated workers and government support helped the sector thrive, according to the report. Creating a solid foundation and addressing key challenges are crucial for ensuring future development.
The growth in the U.K. capital’s expanded tech and information sector, which includes professional and scientific industries, has outpaced the 8 percent growth in the rest of London’s economy, accounting for almost a third of the city’s job gains since 2009, the report said.
The summit comes at the start of London Technology Week, to be attended by more than 30,000 people and featuring more than 200 events including lectures, seminars and networking sessions, according to the organizers.
The report was commissioned by Bloomberg Philanthropies, which was formed by Michael Bloomberg. Bloomberg is the founder and majority owner of Bloomberg LP, the parent of Bloomberg News.
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