London Mayor Sadiq Khan has announced more than £100 million in investment deals for the city so far in 2024, defying the global economic downturn. In just 10 months, London has already
attracted nearly £10 million more in investments compared to previous years.
During his recent trip to New York, Khan secured further investment commitments from three technology companies for London. Indian IT giant Mphasis, which opened a new office in London in September, plans to double its business in the UK over the next three years. Digital marketing platform Constant Contact is preparing to launch in the UK, and financial technology company MoonPay is also planning to expand its operations in the capital.
These deals are part of a wider trend of international investment in London, facilitated by London & Partners, the city’s growth agency funded by the Mayor. Over the past five years, companies from China, Europe, India, and the US have invested in London, creating nearly 10,000 jobs in emerging industries like technology, life sciences, and the green sector.
This year’s investment of over £100 million stands out during a time of global uncertainty, further strengthening London’s economic position. One key example is US biotech company Recursion, which recently opened a new office in London’s "Knowledge Quarter" at King's Cross, joining other major players like Microsoft and Google DeepMind in the fast-growing life sciences sector.
The Mayor's new London Growth Plan, one of his top priorities, aims to create over 150,000 good jobs by 2028 and raise living standards. The plan focuses on expanding the city’s economy, driving the green transition, and boosting prosperity across the UK. In addition, Khan is investing £380 million annually in skills, careers, and employment support to help Londoners access high-quality jobs.
Today’s announcement comes as the Mayor attends the International Investment Summit, a key event bringing together policymakers and business leaders to drive forward the government’s economic growth mission. This summit represents an important opportunity for Khan and other leaders to collaborate with the new government and promote London as a prime destination for investment and business, ultimately creating more well-paid jobs and opportunities for Londoners.
Sadiq Khan, Mayor of London, said: “I’m proud that in 10 months London has already had a record-breaking year for investments – proving that our city is one of the best in the world to start and scale a business. My message is that London is open: open to business, open to investment, and open to new and fruitful partnerships.
“London is home to fast-growing sectors at the innovation frontier like life sciences, AI, deep tech and climate tech, as well as a world leader in financial and professional services, digital technology and creative industries like film, TV and gaming, and the experience economy.
“I am delighted to be attending the International Investment Summit, as we work with the new government to forge new partnerships, reset relationships and seize the opportunity to secure the long-term investment for London and continue building a better and more prosperous city for everyone.” Photo by U.S. Embassy London, Wikimedia commons.