London Remains Tops Due to ‘Flourishing’ Tech SectorBy
East London praised for workforce, economy in Milken report
British capital beat competition from Stockholm and Budapest
London is the best-performing city in Europe, according to the Milken Institute.
Inner London-East including the Canary Wharf financial district topped the ranking published by the Santa Monica, California-based think tank Monday. The area beat out competition from Stockholm and Budapest, in second and third-place respectively, because of its skilled global workforce, dynamic economy and “flourishing” information and communication technology sectors, according to the report. Five of the top 20 regions are in Britain.
The majority of the data were collected before the U.K.’s decision to leave the European Union in June last year, however. Since London’s economy has been fueled in recent years by an influx of workers from EU countries, any restriction could weigh on future growth. Inner East London still has the “ingredients” to stay one of Europe’s most dynamic economies but housing and retaining skilled workers present challenges, the report said.
“As we navigate Brexit, we will have to work hard to keep our capital at the top -- and that means government delivering the right policies for continued access to talented people and building the homes and transport links they need,” said Jasmine Whitbread, chief executive officer of London First, a business lobby. “East London’s particular success shows how political will can underpin entrepreneurial zeal to create growth, investment and jobs.”