Prime Minister David Cameron will today announce plans to create a technological business hub in London's East End, designed to rival Silicon Valley in the US.
The Government have got leading tech firms Intel, Facebook and Google on board already for 'long-term investment', and Cameron will be looking to drum up more support during today's speech to high tech business leaders and entrepreneurs.
According to the Press Association, the PM will say: "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.
"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."
Apparently, response from international technology firms and venture capitalists to the Government's proposals had been 'overwhelming'.
Do you think the move will have a positive impact on your business? Will this be a good thing for the UK tech industry, or are you sceptical anything tangible will materialise? Have your say in our comments section below.
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