UK PM keen on Silicon Valley in East London

UK prime minister David Cameron is expected make a formal announcement of what he wants to be proposed for East London Tech City.  The proposed East London Tech City is set to encompass the Olympic Park, and emerge as the global centre of technological innovation.

The initiative is aimed at creating private sector jobs and spur economic growth.

Cameron is also expected to announce special visas for foreign entrepreneurs whose plans have received financial backing from leading firms and a review of intellectual property laws to ensure Britain is in step with the "internet age".

In a speech to hi-tech businesses and entrepreneurs, Cameron will say, "Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation.

"But there's no reason why it has to be so predominant.

"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."