The growing number of technology and digital companies in London is turning the capital into Tech City.
The number has nearly doubled since 2010 when Tech City was launched by the prime minister to attract more digital companies.
The original clutch of companies had settled in Shoreditch, east London. Today the roundabout at Old Street bears the nickname “Silicon Roundabout”.
Technology and digital companies are reported to now account for 30% of jobs growth in London. The CEO of Tech City claims that “the tech and digital economy is powering UK growth.”
In 2010 Mr Cameron introduced an Entrepreneur Visa to allow foreign entrepreneurs to start up technology ventures in Britain more easily, and an accelerated superfast broadband roll-out for the area.
He also announced a review of copyright laws that angered Britain’s creative sector, but was applauded by Google and other web-based companies.
The measures were followed up with a £50m contribution to the regeneration of Old Street roundabout.
Proponents of the concept believe that it will make London a magnet for tech talent from around Europe.
