Prime Minister David Cameron has promised to invest Â£50 million into creating a host of new technology buildings and offices in the heart of London’s Tech City.
Firms such as Microsoft and Cisco will be moving into new London offices as the Government looks to cement London’s reputation as the IT capital of Europe.
The Old Street area, which is widely known as the Silicon Roundabout, has already seen a number of IT firms move in following the launch of the Tech City initiative by the government back in 2010. A move resulting in the area seeing a prolonged period of regeneration, which has attracted both domestic and international tech firms to the site.
According to a statement by the Tech City Investment (CLIG) Organisation, the funds will go towards creating the “largest indoor civic space” in the whole of Europe, hosting an assortment of classrooms and office space.
In the statement, Prime Minister, David Cameron, said the country was in a global race, and that he was determined that his Government would continue to do all it could to ensure the UK was adequately equipped to compete and thrive.
Mr Cameron said: “As well as backing the businesses of today, we are creating an aspiration nation and also backing the innovative, high-growth businesses of the future.”
The Mayor of London, Boris Johnson, previously described London as a “powerhouse for entrepreneurial technology firms”.
Speaking of the Tech City project, Mayor Johnson, said: “I am absolutely convinced that the next Steve Jobs, Bill Gates, or Mark Zuckerberg, will hail not from Silicon Valley but from this small corner of London, and it’s my hope that this exciting new centre will be pivotal in their creation.”
Microsoft has committed to opening a technology development centre for young apprentices looking to work in the technology field. Whereas Cisco is set to partner with University College London and DC Thomson to create a centre that, upon its completion, will home a mixture of digital and media companies.
The technology market in London currently employs around 100,000 people, with over 24,000 IT companies established in the capital. Its nearest rival in is Paris, which has around 15,500 firms based in the French capital.
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