Chancellor George Osborne has vowed to make the UK the ‘technology centre of Europe’.
He was speaking at the opening of the new Google campus, located at 4-5 Bonhill Street, EC2 in an area dubbed Silicon Roundabout.
The seven-storey building will be used as a technology community centre offering desk space and mentoring for start-up technology companies. On the sixth floor there will be SeedCamp, an early stage investment programme which injects funds into about 20 young tech companies each year.
It is hoped that the campus, along with the government’s Tech City initiative, will help create the next generation of British technologies and attract research and development companies to the area, helping to keep the UK at the forefront of innovation.
Since the Tech City initiative launched two years ago, the number of tech firms around the Old Street roundabout area has more than trebled, from 200 to around 700 today.