Osborne announces triple Tech City boost


Chancellor George Osborne has revealed that Britain’s technology industry has “hit a purple patch”.

During a speech at the Global Business Summit on ICT he announced that a number of major firms are going to invest in London’s technology hub, Tech City.

Osborne revealed the “triple whammy” of investments from Barclays, Vodafone and GREE as some of the world’s biggest brands continue to be drawn to the hub.

The investments include a plan from Vodafone to open a new technology lab in east London, while Barclays is going to join forces with Central working to create a club in Tech City that will help around 22,000 firms over the next five years.

Meanwhile, Tokyo-based mobile social gaming company GREE Inc is planning to open a new game development studio and relocate to a new office at the hub.

Osborne said: “Taken together, these major investments by Vodafone, Barclays and GREE represent a triple whammy for Tech City. Coming so quickly after the announcements from Facebook and Amazon, British technology has hit a purple patch.

“You will not find a country anywhere in the world that is more open to technology, more open to investment and more open for business. We’re putting in place the right vision and the right policies to help your company succeed right here in the UK.

“That’s why the world’s leading technology companies are beating a path to our shores. And that’s why we will continue to do everything we can to help technology investors and entrepreneurs invest, innovate and succeed in the UK.”

He also underlined Britain’s expertise and strong credentials in the sector and the great potential it offers to investors.

“It really is no exaggeration to say that the UK is the most “wired” economy on the planet. You really will not find a government anywhere that is more supportive of new technologies, or doing more to back technology entrepreneurs and investors,” Osborne added.

“We are pulling out all the stops to ensure that you – the world’s leading investors and technology companies – have everything you need to innovate and succeed right here in the UK.

“Right across the board, the British Government is leading the world when it comes to ensuring that our policies are supporting technology and innovation, not holding it back. Nowhere is this more true than when it comes to Tech City, the technology cluster in East London.”

London Mayor Boris Johnson said: “It’s fantastic that more and more companies are taking advantage of the enormous benefits of doing business in London, and I am delighted to welcome these new additions to Tech City.”