Silicon roundabout

By THIS IS MONEY
Updated:

 

The Daily Mail City team explains what silicon roundabout is and how it is the hub for technology companies.

What is it?

An area of trendy East London where about 100 technology and design companies have set up in the last five years.

Better known as the Old Street roundabout, close to the City, Shoreditch and Hoxton.

So what?

David Cameron was in the area yesterday to wave the flag for a new East London Technology City.

He wants to lure Google, Facebook and Microsoft to new offices in the Olympic Park, a few tube stops from the developers and techies at the roundabout.

Would it work?

Much of Silicon Valley in California's growth was spurred by people liking the quality of life and cool social scene in San Francisco's Bay Area. Cameron suggests Old Street could have the same appeal.

Seriously?

Cameron yesterday published a document explaining how it would attract technology companies to Britain. He has already secured commitments from Google, Cisco and Facebook and is promising £200m for new technology and innovation centres.

So he knows his IT from his elbow?

Possibly, but it's more likely he has been briefed extensively by Rachel Whetstone, vice-president of communications at Google and partner to Steve Hilton, the Conservative's strategy chief.

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