London's Digital Tech to Boost Economy by £12bn and Create 46,000 Jobs by 2024

Research firm Oxford Economics has claimed that London is set to overtake New York and Silicon Valley in the area of digital technology employment with Britain's capital city expected to create 46,000 new jobs by 2024.

The report, which was commissioned by the capital's official promotional organisation London & Partners, added that digital technology in the City will also generate upwards of £12bn (€15bn, $20bn) thanks to increased economic activity.

London currently employs 155,600 people in the sector, but this is growing faster than California's Silicon Valley, home to Google, Yahoo, and other tech titans.

In the specific area of financial technology London leads both New York and California. London and its environs employ an estimated 44,000 financial technology specialists. Overall, New York houses 43,000 fintechnology workers while Silicon Valley is home to 11,000 employees in the same area.

From 16th to 20th June, Britain's capital is hosting the first-ever London Technology Week in a bid to showcase the capital's technology strengths with some of the most famous names in the sector taking part.

Over 30,000 tech entrepreneurs, investors and developers from around the globe will be attending the week-long event, which comprises over 200 independently-run shows.

They will hear first-hand from some of the world's biggest tech companies, including Microsoft, Samsung, Google, Intel and Yammer, as well as home-grown successes, like Mind Candy, Hassle and SpareRoom.