11 August 2015 category: business administration & finance
Industries tend to group together in clusters. For example, The tech industry in Silicon Valley, film making in Hollywood, finance in the City of London or Wall Street New York, Formula One racing in the Midlands and countless other examples.
This is because it is easier when you have the supply chain and skilled workers within easy reach of your business.
There is another factor – competition. People in all types of businesses respond to competition and innovation all around them. They catch up with competitors and the process of changing makes them think of even more ways to improve their business.
If you want to understand how vital the London economy is, here are some facts from the London Business School:
- 100% of the world’s leading financial institutions are represented in London.
- 75% of the top 500 global companies are based in the city.
- 37% of the global foreign exchange market comes from London.
- 1,000 tech start-ups are formed in London every month.
- 300 languages are spoken in the city.
The capital may be busy and expensive to work in, but if you have a business anywhere in the UK (or in the world for that matter) and want a second office, London is the place to start. The opportunities are limitless.