Comment by jmyeet
2 hours ago
London is the money laundering capital of Europe [1]. The entire London property market has been propped up by Russian kleptocrats [2]. I'm not saying startup money is (necessarily) illegal or at least dubious in origin. I am saying that London's banking and legal system heavily favors companies and invetors. And that's the point. It's the same reason Delaware is the de facto standard for incorporation for American companies.
Granted, English is widely spoken in London and that's factor for cross-pollination of talent between the US and the UK. It also has an easier visa situation than the US.
On top of that, salaries in tech in London are much lower than the US [3]. The cost of living in London is actually pretty awful.
London's biggest problem is that the UK is no longer in the EU. Long term I see this as a strategic problem because (IMHO) the EU is going to be incentivized and ultimately forced to make their own versions of key US tech companies in much the same way as China has. And the EU won't want that outside of EU jurisdiction. It defeats the point.
well, the split is both ways. lets not forget that depite a lot of talk and wish-casting, the EU is still largely impotent. I know for sure that I am envious of my colleagues in the US. but europe? hmm...
regarding the Russian kleptocrat situation, you can't knock London for having a Profitable Business Arrangement. The biggest enemy of any Russian oligarch are other Russian oligarchs. it makes sense then, to keep your dragon hoard where none of them can touch it (possibly not even you!)
ofcourse it becomes even funnier when all of them get the same idea, converging on the same optimal strategy...
indeed any and all mafiosos are welcome to safeguard their assets in London banks (for a price, and not neccesarily monetary.) whatever happened to the venezuelan gold? if that then serves to subsidize the rest of the UK ordinary citizenry, hey, you could say the UK in the business of karmic repayment.