By Daniel Hunter
The £50 million project to turn London’s Old Street roundabout in to the so-called ‘Silicon Roundabout’ has been scrapped after it wasn’t started.
It was supposed to be the project that would give Tech City a hub dedicated to entrepreneurs and startups with facilities including classrooms and office space equipped with the latest technology.
It was launched in 2012 by Prime Minister David Cameron, but after the Greater London Authority failed to start the project in time, the £50m was returned to the government.
A spokesperson said: “Given that a permanent solution for the roundabout will be technically difficult and some way off that money has gone back to general expenditure. It is normal practice for any money that hasn’t been spent to return to the Treasury to help reduce the deficit.”
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