London Leads World in Financial Technology: Shields

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June 16 (Bloomberg) -- Joanna Shields, Chairman at Tech City U.K., discusses the environment for technology companies in the U.K. and how education is spurning more interest in the sector. She speaks with Anna Edwards on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Some reporting around this.

Describe to me how you think london has evolved in recent years.

She said in the last two years you can really feel the change.

Britain has become a digital powerhouse.

It centers on london.

27% of all job growth out of the last recession came from tech and digital businesses.

Tech week starts today.

There are 200 events across the capital.

Anyone can walk in and have a ticket and see what is happening in technology across the country.

The growth rate for london, the sheer number of people employed in london in the southeast and technology industries, but how do we define technology?

Are we truly reflecting a traditional definition?

We brought in that definition?

Technology and digital are pervasive across all organizations.

Britain had a string historically and financial services.

It is one of the leading sectors growing.

It makes a lot of sense because of the core capability and investment made here.

The investment is coming into london.

We are leading the world in that . the study that came out this morning said that we are the fastest-growing in the world.

It also said there are a number of challenges that lie ahead.

There are challenges to try to maintain that growth.

What do you is the most important?

She said it is really about getting the most talent.

The most encouraging i have heard is the study for young people between the ages of 18 and 20. 80% of them would like to start a business.

In past generations everybody thought about which large company should i work for.

Now that they are not hiring people, young people have seen you can go global overnight.

They are seeing other people across the globe we successful.

He is 16 years old and selling his company to ya ho -- to yahoo!. you people are starting to believe they can do that, to.

That is what will really transform the london economy.

You also need people who come out of university with relative skills in science, engineering, and math.

You need to create it so they will go into those jobs.

Typically over the last 10 years more money has been made.

Alongside the extensive package for entrepreneurs and investors government has put forward, the other thing that is happening is as of september, curriculum will be encoding as a compulsory subject.

Not just the gentle skill.

Digital transformed industries and how we interact with government.

It's important that people understand and have the skills to thrive and grow in the future.

Let's talk about funding to technology business as well.

It seems it is one thing to fund the startup level of this mess.

It's another to keep funding through to larger businesses.

Do you see it as worrying that we don't have so many big-name technology companies actually listing in london?

I know he was saying that he thought it was a vicious cycle, and negative vicious cycle that if you don't have companies listed here, then the analytical expertise to enable investors to decide whether to invest in them doesn't get created.

That isn't sustained, and it means people don't know which tech companies to invest in in london.

That would be extreme, but he was saying that is a risk.

About 18 months ago we started working with the london stock exchange, and we looked at that problem.

I have a much more optimistic view.

We lost something called the future 50. these are 50 fast-growing businesses that have the potential to list in 18 months.

We have been working in a concierge service.

Whatever they need in government.

We take them on business trips with the prime minister to china, to india, to israel, whatever they need to help them grow their business, the government supports them.

We want to see them cross the line and have this liquidity event.

Three have already listed on the london stock exchange.

We have horizon, discovery, ao.

All of them are really doing well.

We see a number of others in the pipeline.

It's really important we support these types of his disses.

They are the engine of growth and job creation.

It's interesting you mention these because they illustrate how the market is getting into all parts of the business world.

You have a company that sells food online.

You have a company and appliance retail.

Others might call them retailers, but we call them technology business.

At the heart of all these businesses is the technology platform.

We are the leaders of e-commerce in the u.k. people don't realize that compared to other g-20 nations it is the highest in the world.

10% of our gdp will be contributed -- attributed to the internet economy by 2015. that's the largest in the world.

That makes of the most digital economy.

What are other things they point out is the infrastructure.

I was interested to read about this.

I haven't heard this much discussed.

The availability of office space.

I was amazed to find there was a shortage of office space in london or certainly the type growing staff wants to take on.

I consider this a good problem.

In any thriving tech crunch you are going to have people having difficulty finding the right location and finding it for the right price.

What is happening across london, this tech movement is broad and across the entire capital.

There are 45 startups.

If you go to the silver key, over there there are a number of startups.

You have got croydon coming on strong.

There are pockets in covent garden.

It's all over london.

It's really extraordinary.

It's not just about the silicon roundabout, although that is the nucleus of this movement.

It's really overwhelming when you stand on the roundabout itself.

I started my career in silicon valley in the 80's. we made san francisco.

The market was very similar to this area.

It's kind of that gritty -- you have the optimism around that like we can do anything from here.

It's really a positive feeling.

Tech week starts today.

I hope people will come and attend all the events and really participate and be proud that britain and london are meeting this new economy.

Thanks for joining us.

Don't miss our exclusive conversation between mike bloomberg and mayor boris johnson on the fate of tech in the u.k. we will bring that for you in the next hour.

We are back in two just two minutes.


This text has been automatically generated. It may not be 100% accurate.


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