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£15.5 million for innovative firms

The Prime Minister announced a £15.5m funding package for innovative firms today Credit: Ruth Banks/ITN

The Prime Minister has unveiled a £15.5 million funding package to support innovative firms today, pledging to "make Britain the best place in the world in which to start and grow a business".

World-class technology experts will be given fast-tracked visas under a push to attract the best international talent to the United Kingdom's digital sector.

During a visit to Tech City, Britain's answer to Silicon Valley in East London today, Mr Cameron outlined plans for the Government to open up the exceptional talent visa route - usually reserved for international leaders in science and the arts - from April next year.

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Tech firms struggling to grow in the Capital

70% of London's tech firms have struggled to grow or expand in the capital, according to research from YouGov.

The most commonly cited obstacles to growth are the high costs of running a business, a lack of suitably qualified staff and a squeeze on affordable office space.

In the past year, property rents in Shoreditch's tech heartland have soared by 46%. The findings could be considered a blow to the government's dream of making the area, known as Tech City, the world's home of new computer firms.

Tech City gets royal visit

Prince Andrew visited a technology company and a social enterprise network in the Tech City area of Shoreditch today. He began by visiting the creative firm Mother London Limited before heading to Yammer.com which aims to improve business collaboration and teamwork.

The prince sees the office at Mother London Limited. Credit: Peter Wilkinson
The prince has spent much of his royal career promoting British business. Credit: Peter Wilkinson
The prince met Mother London Limited staff in front of their 'mother wall'. Credit: Peter Wilkinson

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