More than a quarter of all London job growth now comes from the tech sector, according to a Tech City UK report coinciding with the organisation’s third anniversary.
Around 580,000 people are now employed by tech or digital firms based in London, as Prime Minister David Cameron heralds Shoreditch and the capital’s tech sector as "an engine for growth and innovation".
Tech City was established in 2010 to act as a spur and cheerleader for the hub of startups based in and around Old Street, to attract investment and to work with the government to remove barriers impeding growth.
Cameron said: "Today Tech City serves not only as an example of how a city can be transformed into an engine for growth and innovation, but it is also a blueprint for fostering growth that has been recognised globally.
"We’ve removed the obstacles to success one by one and, by creating new policies, developed in direct response to the needs of startups and entrepreneurs – we now have a compelling package of support for entrepreneurs and businesses at every stage."
The government released statistics between 2009 and 2012 demonstrating that the number of tech firms in London grew by 76%, and employment within the sector rose by 16.6%, compared to the national average of 0.3%.
Tech City CEO Joanna Shields said: "A real transformation has happened, not just in East London, but in all of London. From a city previously reliant on the financial services industry, we have established London as Europe’s digital capital and a true challenger to Silicon Valley and New York."
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