Students to benefit from 50m Tech City investment in east London

The Government has announced a 50 million investment package for east London's Tech City which will further bolster the city's global reputation among the IT and technology sectors.

Jobs in the industry could well be in the offing as part of the investment, which was announced as part of Chancellor George Osborne's Autumn Statement on Wednesday.

The money will help implement plans to regenerate the Old Street area, which is commonly referred to as 'Silicon Roundabout'. A technical and creative institute is to be built to provide start-ups and entrepreneurs with the knowledge and support with which to flourish.

Some 1,300 IT companies have opened for business in east London since Tech City was established a little over two years ago. The institute will consist of classrooms, workshops, a 400-seat auditorium and a 3D printing laboratory.

Some 10,000 students could be educated at the institute immediately once it is opened and up to 50,000 school pupils could also benefit from its existence every year. Experts predict the centre could help 1,000 young people find skilled jobs every year.

The centre will also generate some income, with companies able to advertise their products and services on the building's exterior. A digital mesh will be fitted along the building's walls where promotional material can be broadcast for a price.

Speaking at the Urban Age Electric City Conference in Shoreditch, east London, Prime Minister David Cameron highlighted the progress made at the Tech City site.

He said it was among the world's "great technology centres". The PM claimed the fact it was continuing to "go from strength to strength" was a reflection on the work of the "talented, creative entrepreneurs" who have chosen to base themselves there.

He went on to say the UK was in a "global race" and that the Government is working to ensure Britain can "compete and thrive" in that race.

London Mayor Boris Johnson said: "Our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs."

Copyright Press Association 2012