Prime minister David Cameron has pushed for international technology experts to be given fast-tracked visas to enable them to work in the UK.
The UK's answer to Silicon Valley, dubbed Tech City, is to work with the Home Office so that the UK can benefit from more specialists in the technology sector from April 2014.
Prior to the announcement, applications were restricted, and industry – particularly startups in the Tech City area – lamented the dearth of IT talent available.
Joanna Shields, Tech City's chief executive, said: "People weren't banging on my door, but every tech company that we talk to says that hiring is a problem."
The prime minister suggested that the "Exceptional Talent" visa route will help "to make Britain the best place in the world in which to start and grow a business".
"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," he said.
Cameron also announced £15.5m of additional funding for technology startups in London. The funding is to be controlled by the Technology Strategy Board, with £12.5m used for research and development, and three £1m packages that will be competed for by regions that want to create new technology hubs.
"This is not just about London," he said. "We are determined to build a rebalanced economy across the country and get behind the entrepreneurs imagining a new tomorrow in the dozens of technology clusters, accelerators and startup incubators across Britain."
To coincide with Tech City's third birthday, Cameron launched a partnership between EE and Tech City. The partnership will see recognised technology businesses in the area get access to EE's 300Mbps 4G network, which was made available to businesses today.
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A discussion of the "risk perception gap", its implications and how it can be closed