Google Campus opens in East London
The Chancellor was speaking at the opening of the new Google Campus, a centre offering desk space and mentoring for technology companies.
The campus is isuated in the Old Street area of East London, which has been dubbed the Silicon Roundabout.
The Chancellor Mr. Osborne said the work between Google and the government’s Tech City initiative was the first of several partnerships required to give the sector sufficient support.
"This partnership model is absolutely in line with our approach to Tech City," he said.
"The government doesn’t believe you can click your fingers and create a technology cluster. Wherever possible, our approach is to go with the grain of what’s already happening."
He said since the Tech City initiative was launched in 2010, the number of technology firms in the area had risen from 200 to 700 – although this high number is often disputed by those within the community.
Further plans to bring research and development companies to the area would mean the UK remained at the "very cutting edge of innovation", the chancellor said.
"We want the UK to become the hub for technology in Europe as a whole. This is the path we need to take to create new jobs, new growth, and new prosperity in every corner of this country."