UK Politics

Conservative Party: David Cameron backs high tech growth and innovation

News   •   Nov 08, 2010 11:03 GMT

The area around the Olympic village and Shoreditch, known as East London Tech City, is already attracting top international technology firms like Google and Facebook, Cisco, Intel and British Telecom.

Facebook has committed to hosting its Developer Garage programme in the area, and David Cameron today announced his ambition to make East London rival Silicon Valley as one of the world's great technology centres.

The government will also publish a "blueprint for technology" which will include £200m of equity finance for businesses with high growth potential and a further £200m for new Technology and Innovation Centres.

Speaking in East London, Mr Cameron said: "We're not just going to back the big businesses of today, we're going to back the big businesses of tomorrow".

"We are firmly on the side of the high-growth, highly innovative companies of the future. Don't doubt our ambition.

"Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant.

"Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world's great technology centres."