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UK government wants East End project to rival US’s Silicon Valley

Thursday, 4th November 2010 21:03 GMT By Stephany Nunneley

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UK Prime Minister David Cameron has said the UK government want to create a rival to California’s Silicon Valley in East End.

According to plans revealed for the new East London Tech City, a.k.a. Silicon Roundabout, the plans encompass Olympic Village with Facebook, Google and Cisco already committed to opening satellite business there, with new entrepreneur visas being handed out, reports VentureBeat.

The plan is to throw £200 million ($325 million) in equity finance for high growth businesses and match the amount for tech and innovation centers.

“We’re not just going to back the big businesses of today, we’re going to back the big businesses of tomorrow,” the Prime Minister told investors and entrepreneurs in a speech. “We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.”

Boston Consulting Group, commissioned by Google, released a report recently stating the UK’s internet industry was worth around $114 billion a year and 250K folks have jobs in the industry.The report also stated it expects the UK’s digital economy to grow by 10 percent a year over the next five years.

Today, it was revealed TIGA had issued a report accounting for the loss of some 890 jobs in the UK games sector, which was a 9 percent employment decline over the span of two years. TIGA head Richard Wilson used the data to once again call attention to a much-need UK tax break for the sector before more jobs are lost to competitive overseas markets.

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8 Comments

  1. Gekidami

    Does this mean there’ll be some tech-savvy characters in Eastenders now?

    #1 4 years ago
  2. OrbitMonkey

    Britain needs industry, simple as that. Previous governments sold off everything for a quick buck & now theirs nothing left. It’s the same reason their pumping money into Nuclear energy. It’s all about creating a viable industry.

    #2 4 years ago
  3. freedoms_stain

    @2, previous governments? Current governments. Bye bye Royal Mail.

    #3 4 years ago
  4. OrbitMonkey

    @3 Tbh I’m expecting the whole country to be sold off to Apple anyday now. Rule iBritannia o_O

    #4 4 years ago
  5. freedoms_stain

    heh, nobody will want to do business here after that.

    Shiny on the outside, twice the price for the same shit on the inside.

    #5 4 years ago
  6. cookiejar

    Pff, Apple! You wish. I think we’re fit for Amstrad maybe ;)

    #6 4 years ago
  7. Dannybuoy

    I bet even after all the investment and tarting up the area will enevitebly get I can guarantee you’ll still have to step over piles of sick and smashed bottles on your way to work in the morning. Shoreditch in the morning is a warzone. ;-)

    #7 4 years ago
  8. Len

    Lol@7, indeed it is.

    I thought we already supposedly had our silicon valley along the M4 West out of London to Guildford etc? Or does that not count now?

    #8 4 years ago

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