Tech City Attracts New Investment
Following the announcement by UKTI of the series of Global Business Summits to
take place during the London Olympics, the Parliamentary information Office has
been closely following progress and achievements as the conferences take place
East London receives a boost today as five ICT firms announce plans to expand their
operations in Tech City, Europe’s fastest-growing digital hub. The announcements were
made at today’s Global Business Summit at Lancaster House. The new investment will help
drive growth by boosting jobs and company start ups in the area, while helping cement the
UK’s reputation as a leading player in ICT.
During the six weeks of the Games, the British Business Embassy will host 17 global
business summits at Lancaster House, following the annual Global Investment Conference
on July 26. Each will be targeted at individual sectors or countries.
The series of global business summits taking place at the British Business Embassy will be
the largest and most ambitious set of trade and investment events ever held in this country.
Over 3,000 Government Ministers, business leaders and policy-makers from the UK and
around the world will come through the doors of Lancaster House. These events will allow
businesses and Governments to exchange views and ideas, discuss local and international
economic challenges, develop strong global partnerships for future growth and showcase
the best of British business to the world.
Today’s summit will showcase the best of UK ICT innovation and technology to delegates
from around the world, promoting new opportunities for international business. Keynote
speakers include Chancellor of the Exchequer George Osborne, BBC Director General Mark
Thompson, and BT Chief Executive Ian Livingston.
Milton Keynes, Sheffield and Ulster will also benefit from multi-million pound international
business deals announced at the Global Business Summit on ICT, one of 18 summits
organised by UK Trade & Investment (UKTI) during the Olympic and Paralympic Games.
International business announced today includes:
Vodafone announces new Tech City technology lab
Barclays and Central Working set up new club in Tech City to help 22,000 businesses
Italian incubator sets up in Tech City, creating 50 jobs
GREE mobile social gaming company relocating to Tech City and opening a new
Tech City-based USTWO and London-based MPP Global Solutions both set to expand
in the UK
Airwatch planning to hire 75 more workers in Milton Keynes
Tribal Group takes on workers in Sheffield after winning £32m in overseas contracts
University of Ulster software spin-out gains $3.7m funding boost.
The Chancellor, George Osborne, said:
“The Government is determined to make Britain the technology centre of Europe, with the
London’s Tech City at its heart.
“London 2012 is the perfect stage to show investors and entrepreneurs how much we have
already achieved, and the exciting potential of what is to come. We are also proud to
demonstrate the world-class innovation of the British tech industry, which is helping to
deliver the most digitally-advanced Games in history.”
The Mayor of London, 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. London is at the forefront of the high tech revolution, and the 2012 Games have given
us a unique opportunity to showcase the unrivalled opportunities for businesses in the
“The official promotional organisation for London, London & Partners, continue to do a
sterling job of promoting the city to our international visitors and I look forward to welcoming
many more businesses in the future.”
Ian Livingston, BT Chief Executive, said:
“We are delighted to be participating in the British Business Embassy summits at Lancaster
House. This is a unique opportunity for us to showcase our expertise to international visitors
and potential new customers in one place.”
Other speakers today include Derek McManus, the Chief Operating Officer of Telefonica O2
UK; and Stephen Leonard, the Chief Executive of IBM UK & Ireland. Seminars will focus on
key fields including broadband; digital innovation; multimedia; and next-generation mobility.
The total IT & telecoms workforce in the UK now comprises 1.5 million individuals – five per
cent of the total current UK workforce. This is made up of 900,000 specialists within the IT &
telecoms supply industry and a further 600,000 working as IT or telecoms professionals in
The UK is a strong market for technology, with some of Europe’s most voracious consumers
The UK is Europe’s leading market for software and IT services with a market value of €61
billion in 2011.
London’s Tech City has grown dramatically to become the capital’s leading destination for
digital, creative and high-technology companies. In just three years, it has expanded
naturally from around 15 companies to over 700 – growth that is set to continue, with the UK
Government actively supporting the area’s development.
UKTI helps around 1,200 ICT companies every year to export
The Parliamentary Information Office will continue to monitor and report on progress as we
go through the weeks ahead.