Snapchat announces its global headquarters are moving to London

The decimation of the UK's economy following the Brexit vote continues unabated with the announcement that Snapchat is moving its international headquarters to the UK.

The American social media giant is building new offices in London and has already started recruiting extra staff ahead of a stock market flotation. The UK subsidiary will manage Snapchat's non-US business around the world and will pay tax in the UK on the non-US portion of its estimated $1bn of advertising revenue.

Snapchat's decision to locate its global headquarters in the UK follows similar decisions by Google, Apple and Japanese technology giant, Softbank's high tech investment fund.