Facebook to Expand London Workforce despite Brexit & Scrutiny

Published By : 04 Dec 2017 | Published By : QYRESEARCH

It has not been all hunky dory for Facebook Inc. in the U.K. in the recent past, facing strong scrutiny from lawmakers regarding data security, particularly Russian interference in the country’s politics via the networking portal. Add to that, impending Brexit formalities are reflecting a dodgy future of doing business in London. But the social media giants have decided to ignore both the trends and expand their workforce in the city, incrementing their staff to 2,300 over the next year.

The company will also be offering space in its brand new office to promising startups, according to an accelerator program announced by the company on Monday.

This decision seems more in sync with a number of other technology companies, several of whom have even decided to double-up their presence in London, including Apple Inc., which has announced their plan to lease nearly 500,000 square feet of area at the Battersea Power Station. Google Inc. and Snap Inc. have also revealed their plans to increase hiring in the EU-free country.

New Study Highlights Lack of Investors for Promising Startups

On the other hand, a recent study by Atomico, a venture capital firm based out of London, had detected that the confidence of investors and founders has certain shaken since the announcement of Brexit. Near 18% of the respondents said that their optimism has reduced over the past year. In addition to that, the study found that it has become 32% harder to find investors in the country for similar start-ups that are gaining recognitions in the U.S. or other European Union nations.

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