London has been ranked in joint third place in a list of global technology hubs produced by KPMG.

The accountancy firm’s latest Technology Innovation Hubs report found that London is seen as being one of the top cities in the world for innovation.

London was ranked behind only New York and Beijing on KPMG’s list of innovations hubs outside of Silicon Valley. It was jointly listed in third place alongside Tokyo.

For the first time in the annual report, a majority of respondents interviewed by KPMG said that they expect that Silicon Valley will lose its status as the top centre of innovation in the next four years.

The firm interviewed 740 executives and technology investors to compile the report. About 58pc of respondents said they expect Silicon Valley to lose its dominance, with New York listed as the most likely city to exceed it as the world’s top centre of innovation.