By Maximilian Clarke

With digital industries already worth an estimated £130bn a year to the UK economy, is there more that could be done to promote and support new businesses around Old Street’s so-called ‘Silicon Roundabout’?

In the last year alone, the estimated number of small and medium-sized technology businesses in east London has leapt from 200 to more than 600[1]. Most are clustered around Old Street and Shoreditch, attracted by a combination of cheap, flexible rents, good transport links and proximity to one another and the City.

In March 2011 the Government established the Tech City Investment Organisation to support and promote the area as one of the world’s top destinations for tech entrepreneurs, alongside places like New York and the Silicon Valley.

The London Assembly’s Economy, Culture and Sport (ECS) Committee will next week examine progress on the Tech City project at a public meeting with expert guests from government and industry.

Ahead of the meeting, Dee Doocey AM, Chair of the ECS Committee said:

“East London - and particularly Old Street’s ‘Silicon Roundabout’ - is rapidly emerging as a major centre for creative and technology entrepreneurs.

“This meeting is an opportunity for the Committee to quiz TechCity UK on their vision for the future and how they plan to support, and promote, the huge creative potential east London has to offer”

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