David Cameron is tipped to announce plans that will see east London become a technology hub to rival Silicon Valley - a real boon for the UK's tech sector.
Any steps taken to encourage investment into the sector can only be a good thing, as technology sits at the heart of the modern economy – a crucial lynchpin of every public sector service.
The Olympic Park will become a 'centre of technological innovation', following the 2012 Games, with internet giants including Google and Facebook eager to send their greenbacks east London's way.
According to pre-release extracts from his office, Cameron said, “There’s no reason for [Silicon Valley] to be so predominant. We’re going to back the big businesses of tomorrow. Don’t doubt our ambition.”
Google will be launching an 'innovation hub' at the park, which will promote development and training for technology start-up firms in London. The centre will be the first of its kind in Europe. “It's great to see a renewed government focus on technology and we're very happy to support it with our plans," a Google spokesperson said.
The government will also spend more than £200 million on launching Technology and Innovation Centres (TICs) over the next four years. Another boost to the UK technology sector is news that the Silicon Valley Bank will open a bank in the UK to assist technology companies with financing.
Cameron is also reviewing laws relating to intellectual property and copyright, 'to see if we can make them fit for the internet age.' “The founders of Google have said they could never have started their company in Britain. The service they provide depends on taking a snapshot of all the content on the internet at any one time and they feel our copyright system is not as friendly to this sort of innovation as it is in the United States,” Cameron said.
A new visa for entrepreneurs who are prepared to invest in the UK will mean that, 'if you have a good business idea and can secure investment from a leading investor, you are welcome to set up your business in our country,” added Cameron. How about sweetening the deal and offering them some tax breaks too?
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