'Silicon Valley' coming to East End

"David Cameron is to set out how the Government intends to create a high-tech hub in the UK to rival California's Silicon Valley.  

 

The Prime Minister will say there is "overwhelming" interest from top international technology firms and investors in the planned new East London Tech City.

Encompassing the Olympic Village and the East End, it has already attracted commitments to invest from companies including Facebook and Google.

The initiative is unveiled by Mr Cameron as ministers face growing anger over the coalition's public spending cuts, which are expected to cost 610,000 public sector jobs by 2015.

In a speech to entrepreneurs and investors on Thursday, Mr Cameron will say that the East End of London will be transformed into one of the "world's great technology centres".

"We're not just going to back the big businesses of today, we're going to back the big businesses of tomorrow," he will say.

"We are firmly on the side of the high-growth, highly innovative companies of the future. Don't doubt our ambition.

"Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant. Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world's great technology centres."

He said the response from international technology firms and venture capitalists to the Government's proposals had been "overwhelming".

Companies planning to invest in the area include Google, Facebook, Cisco, Intel and British Telecom. The Olympic Legacy Company is to provide office space in the Olympic Park."