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London Set to Boom with New Broadband Initiative

The announcement from Boris Johnson, Mayor of London that a new broadband initiative is set to launch in London showing connectivity speeds across the capital was welcomed from business owners and homeowners alike. With an aim from BT and Virgin Media to increase broadband coverage to 99% by 2018, how will this affect businesses within leading cities outside of London and will the initiative affect homeowners and where they choose to live?

A new connectivity map is set to show Londoners, including businesses, investors and more importantly broadband providers where internet speeds are the fastest. Not only will this allow businesses to identify the best location to set up their practice in London, broadband providers will also be able to identify areas that require investment and offer improved services to business owners and residents too. Yet, how will this affect the growth of cities outside of London and will similar initiatives be rolled out across the country?

Whilst most small businesses are unable to afford the price tag that comes along with the glitter and glamour that London offers many chose to locate themselves in more affordable boroughs within London or other leading cities in the UK.

With London already booming as a hub for larger businesses who have access to leased lines, start-ups often struggle to afford the sky-high rents required for office spaces and the cost of a dedicated leased line, consequently pushing smaller businesses to areas with slower broadband speeds. Choosing to set up outside of London is a smart move for business owners who wish to reduce company overheads, however along with this comes a risk that broadband speeds may not be up to scratch.

The connectivity map aims to enable business owners to identify areas in London where they will be able to run their business efficiently without the internet hindering their efforts. The broadband initiative is seen as a positive investment for small business owners within London who wish to start up or relocate to the capital.

London’s new broadband initiative may also impact prospective buyers and their decision on where to buy property within the capital. With many small business owners or freelancers choosing to work from home superfast broadband speeds are essential in order to operate smoothly. Our digital obsessed lifestyle also fuels the demands we now place on broadband providers to deliver the highest quality connections for our internet downtime.

Business owners increasing reliance on technology and broadband speeds means companies need to weigh up location versus internet and the new London connectivity map will do just that. If the connectivity map proves a success within London it is hoped that it will then be introduced to other major cities throughout the UK and provide a boost to more local business economies.