Technology and creative industries will fuel London’s growth in coming years, surpassing financial services as the main engine driving the Capital forward, according to a new report.

Research by the CBI shows that 69 per cent of businesses see technology and the creative industries as most influential in London’s fortunes over the next five years, followed by professional services with 65 per cent and financial services with 62 per cent.

Nearly six in 10 respondents to the survey said East London, incorporating Canary Wharf, Royal Docks and Stratford, would be “vital” to growth prospects in the Capital, compared with only 44 per cent who said the same about the City.

Lucy Haynes, CBI London director, said: “As the recovery gathers steam, it’s encouraging that London firms continue to be upbeat about the future and are looking to expand.

“The technology and creative industries have shot up the ladder as some of the fastest-growing sectors in London, with the majority of businesses seeing them as holding the key to the capital’s future growth.

The survey also revealed high confidence in London’s prospects, but the 128 respondents also said the high cost of doing business in the Capital was a major block on growth.