UK Chancellor George Osborne says that large international tech companies are queuing up to invest in London's Tech City.
The world's leading tech companies are “beating a path” to UK shores, UK Chancellor George Osborne told a conference today.
London's Tech City, the tech start-up zone near Silicon Roundabout in the east of the capital, is enjoying a “purple patch” when it comes to tech investment, Osborne told delegates at the UK Trade and Investment ICT Summit in London, which is aimed at promoting UK business during the Olympics.
Firms revealed plans to invest in Tech City today, with new initiatives that Osborne said will create jobs and helps start-ups. Firms investing include Vodafone, which is opening a new technology lab and incubation centre; Barclays, which is establishing a Central Working club in the area to foster collaboration between start-ups; and Gree, a Tokyo-based games developer that is opening a new office in Tech City and new studio in the UK.
Osborne said these announcements, and plans by international tech firms like Facebook and Amazon to open new premises in London, are helping establish the capital as a global tech hub.
”This new investment represents a triple whammy for Tech City," he told the conference.
”We are putting in place the right vision and technology...that is why the world's leading tech companies are beating a path to our shores.”
Earlier this year Google also chose Tech City to house its seven-floor Campus building, where start-up businesses can access low cost or free office space.
Private sector investment and growth in tech start-ups is being aided by government initiatives, Osborne said, citing 225 per cent tax relief on R&D investment and an entrepreneur visa scheme to encourage more start-ups to move to the UK.