Mr Cameron said that there is "no reason" why California has to remain the home of high-tech growth and innovation, "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."

Mr. Cameron added that, "we're not going to back the big businesses of today, we're going to back the big businesses of tomorrow." The Prime Minister went on to announce a raft of measures aimed to improve the climate for technology and entrepreneurialism in the UK. Amongst the new proposals are an Entrepreneur Visa to enable people with good business ideas and financial backing to set up their business in the UK, and an independent six-month review of the Intellectual Property framework. UK Trade & Investment will also establish a presence in East London.

A blueprint for technology was published today which aims to send a clear message to UK-based innovative and technology companies about the direction of Government policy in supporting and promoting innovative businesses.

The government "blueprint for technology" is expected to include £200m of equity finance for businesses with high growth potential and a further £200m for new Technology and Innovation Centres.

See also: PM announces UK copyright laws to be reviewed

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