Messaging app Snapchat says it will make London the home of its international operations, delivering another vote of confidence in Britain’s tech standing as the country prepares to leave the European Union. Rosanna Philpott reports.
(Reuters) – No Brexit fears at Snapchat. The messaging app making a beeline across the Atlantic for London, to set up their international headquarters, another welcome boost for Britain as it gears up to leave the EU.
In Snapchat’s eyes, London’s wealth of talent in the creative industries makes it attractive, more so than the lure of low taxes in Luxembourg or Ireland popular among many of its rivals like Facebook, Google and Apple who have located their European hub in Dublin and Luxembourg.
Snapchat says it wants to avoid tax controversy, and to find a simply more transparent structure.
Change in the air, both good and bad.
Google’s plans include a 1 billion pound investment and 3000 new staff in London, Facebook wants to up its presence here by 50%, but additional tech recruitment may be dwarfed by the number of jobs lost in the financial sector if banks relocate to remain in the bloc.