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
George Osborne told MPs London would shoulder a large part of his 37% reduction in transport funding.
The prison was originally opened in 1852 as a mixed prison before becoming the first female-only local prison in England in 1902.
A man who tried to help a woman, who was being assaulted by other passengers on the Victoria Line, ended up being punched in the face.