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Britain Plans Tech City in London's East End

Prime Minister David Cameron is announcing in Shoreditch, east London today, plans  to transform London’s East End into one of the “world’s great technology centres”. Firms including Intel, Cisco, Google and Facebook are to invest in the East London Tech City. The Olympic Park Legacy Company will provide office space in the Olympic Park situated nearby. This announcement marks the culmination of a series of speeches by senior British government ministers in recent weeks, including the comment by one that this next decade will be the ‘decade of the entrepreneur.’ The aim is that this new Tech City will challenge California’s Silicon Valley as a global hub for technology.

Mr Cameron will also launch an ‘Entrepreneur Visa’ to give those with ‘great business ideas’ access to fast-track visas, and announce a review of internet provider laws to encourage innovation. £200million will also be made available to finance startups with high growth potential. The innovation and entrepreneurship space in Europe is starting to hot up, as governments realise that domestic company growth is the only way out of the current economic difficulties. A similar tech City plan was announced in recent months on the outskirts of Moscow.

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