Wealthy Global Investors Favour Silicon Roundabout
According to a report in the FT entrepreneurs from around the world are attracted to the UK’s fastest growing business sectors including the rapidly expanding IT start-up sector centered around the Silicon Roundabout.
Where is it?
Old Street roundabout in London is referred to as Silicon Roundabout owing to the number of web start-up companies in the area. It sits on the northern fringe of the centuries-old financial hub, the City of London. In September 2011 Google acquired a building in the area which has since been transformed into a Google Campus comprised of seven floors of co-working space, a café and events space for start-up companies and entrepreneurs.
According to International Law Firm Pinsent Masons the number of wealthy foreign investors issued with specialist ‘investor visas’ allowing these people to stay in the UK has rocketed in the past year. The figure has risen to 462 at the end of a 12 month period ending in June 2012 compared with 199 in the same period a year earlier.
Simon Horsfield, the head of Pinsent Masons’ business immigration team says: “The UK, and London in particular, remains hugely attractive to wealthy individuals from around the globe. Foreign nationals still see London as an expat friendly gateway to Europe. London offers both political stability and a very transparent legal system. Investors see prime property in the capital as a very attractive and liquid asset. Prime property prices in London have remained stable or even increased despite the global downturn, which is a real lure for High Net Worths.”
These start-ups will also need talented engineers and other creative people. David Cameron on his visit to India last week announced that there is no cap on foreign students allowed in Britain provided they have basic English and an offer to study at a UK university. It is not just from India that we need them. These entrepreneurs and students will boost our economy through their expertise, innovative ideas and job creation. Making them welcome is the way forward for us.
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