Britain Hopes to Breathe New Life Into ‘Tech City’

By IVCPOST Staff Reporter

Jul 08, 2013 04:57 PM EDT

The UK government is introducing more investments into East London's Tech City, Britain's own version of the SiliconValley. This move is geared towards creating the next Google or Amazon right in its own backyard, according to a Reuters report.

One significant program to encourage more startups to expand is dubbed "Future Fifty," which aims to invest as well as provide management and technical expertise to companies that are looking to expand globally.

In addition, Finance Minister George Osborne also announced the reduction in capital gains tax for young businesses.

While the government envisioned Tech City to possibly lift its economy from the doldrums, Prime Minister David Cameron nevertheless expressed disappointment that many of the startups have not yet graduated beyond their current status.

In fact, the government noted that many of the best minds are being pirated by US companies like Yahoo and Google.

"I want to try and make sure that the next wave, and there will be a next wave, some of those are born and bred right here in Britain," the prime minister said in June.

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