Area excited to house new indoor facility for the tech sector that is moving in
San Francisco, CA -- (SBWIRE) -- 12/18/2012 -- The Cisco Systems company, along with Microsoft, are amongst the few technological companies that will begin to open new offices within the East London area. The move comes as the U.K. Government pledged nearly $81 million in order to revamp the new start-up hub that has been dubbed “Silicon Roundabout”.
The money will be allocated toward refurbishing the area of East London's old city. The refurbishments are said to help create “the largest indoor civic space” in Europe. The area will be used to host classrooms and working spaces, as well as the Tech City Investment Organization, and a branch of Government's trade and investment department, according to a statement that was recently released.
The city has been working hard to attract such technology industry companies and jobs. The sector is thought to be one of the options to help the city out of its budget shortfall and unemployment.
The Microsoft corporation recently committed to opening a tech development center that will help employ younger workforce members as apprentices, according to Tech City.
Meanwhile, Cisco will begin a partnership with University College London, as well as DC Thomson, in order to create a center that hosts digital media companies.
“The U.K. is in a global race, and I am determined that we as a government continue doing everything we can to equip the U.K. to compete and thrive,” Prime Minister David Cameron said in the statement. “As well as backing the businesses of today, we are creating an aspiration nation and also backing the innovative, high-growth businesses of the future.”
British Chambers of Commerce had cut its growth forecast for both 2013 and 2015 earlier in the week. Chancellor of the Exchequer George Osborne, announced that a fiscal plan that cut welfare and pensions of the wealthy was being implemented. Meanwhile, the unemployment rates sat at 7.9% over the prior three months.
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