The Old Street roundabout is to be given a £50 million makeover to become a centre for technology start-ups and entrepreneurs. It will become Europe's largest civic indoor space, hosting classrooms and workshops equipped with the latest 3D printing technology.
Several large international firms have also announced new investments in the area, including Microsoft, IBM and KPMG.
Boris Johnson says ''our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs''
Digital Firm Editd is one company which says it can't get the right expertise - as the government promises to invest in London's 'Tech City'
More top news
A 20-year-old man who died in a triple stabbing outside Parsons Green Tube station has been named by police.
David Jones was responding to London's Fire Commissioner who said the term 'fireman' was outdated and should stop being used.
A report published by the Boundary Commission for England details plans to reduce the number of MPs by scrapping 50 constituencies.