The Prime Minister David Cameron is about to unveil an ambitious plan to turn the East End of London into the next Silicon Valley (albeit on a slightly smaller scale – a Silicon Dip, perhaps?)
The new technological hive of industry will be situated in the Olympic Park area, and a number of big businesses are set to invest. These include the likes of Internet giants Google and Facebook, BT, Intel, Cisco, Barclays and others.
The Press Association reports that in a planned speech, Mr Cameron will state: “We’re not just going to back the big businesses of today, we’re going to back the big businesses of tomorrow. We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.”
The government is also planning on introducing a new entrepreneurial visa, and is going to examine the UK’s intellectual property laws which Google has previously labelled overly restrictive.
All this aims to spur on investment from tech firms in the capital, with the aim being to offset at least some of the job losses which are coming due to the budget slashing in the public sector.