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15:19 11th November 2010
The government wants to turn east London into a leading information technology centre.
Prime minister David Cameron is keen to boost the UK's IT industry by attracting large technology companies to the city, transforming the area into a rival for California's Silicon Valley.
Speaking in east London last week Mr Cameron said that companies already considering investing in the capital's new tech development include Google, Cisco, Intel and Facebook.
With many jobs set to be lost in the public sector Mr Cameron will hope that investment in a leading UK technology hub will create a number of new IT jobs within the private sector.
The proposed site will stretch from Old Street - the current home of London's internet start-ups - to the Olympic Park in the east of the city.
Mr Cameron said: "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."
Job opportunities in IT would be welcome in the UK as recent research from the Higher Education Careers Services Unit found that IT graduate unemployment increased from 13.7 per cent in 2008 to 16.3 per cent in 2009.
Posted by David Jones
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