The success of London Tech City – based at Old Street in east London – is one example of how migrants can benefit the UK, The Daily Telegraph reports.
Business intelligence company Duedil and the Centre for Entrepreneurs estimate that companies founded or co-founded by migrants to the UK total 14.5% of companies set up in the UK – around one in seven UK companies.
There are now half-a-million UK companies founded by migrants in Britain – and they employ a total of 1.6 million British workers.
Migrant company bosses and entrepreneurs are warning that the UK needs to prevent itself from gaining a reputation for being insular, in case talented migrants are deterred from coming to Britain to set up their own businesses.
US entrepreneur and investor Eileen Burbidge told The Daily Telegraph:
“…if the UK starts to look like an insular society, it could put people off from coming here and that would harm the economy”.
The UK’s largest job fair for start-up companies, Silicon Milkroundabout, has revealed a high demand for workers in the burgeoning technology sector in Britain.
The area round Old Street roundabout in east London has become the UK’s equivalent of Silicon Valley in California, and has attracted graduate workers and young entrepreneurs from across the globe.
UK inventor and entrepreneur Sir James Dyson – who invented Dyson vacuum cleaner technology – has previously called on the UK government to offer work visas to talented science and technology graduates at graduation ceremonies, in a bid to make sure the UK retains the technology talent it trains.
The development of Tech City at Old Street has also had a beneficial effect on the surrounding area, with a younger generation moving into the area and surrounding areas, pushing up property prices and leading to the development of the area’s retail and leisure sectors.
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