Cameron to unveil plans for technology hub in East End

Google and Facebook among possible investors

The rival to Silicon Valley will encompass the Olympic Park

Prime minister David Cameron will today announce plans to create a technology hub in the East End of London to rival California’s Silicon Valley, according to the Press Association.

In a speech to be made from Shoreditch later today, Cameron will say there has already been "overwhelming interest" from prominent technology companies and investors, including Facebook, Google, Cisco, Intel and BT.

Plans for the hub, which would incorporate the London 2012 Olympic Village, come as ministers face increasing pressure to create jobs following the coalition’s public spending cuts, which are expected to result in 610,000 positions being lost by 2015.