CBI reacts to PM’s announcement of new technology hub

The CBI today commented on David Cameron, the prime minister's, speech in East London, announcing an ambitious plan for a technology hub to rival Silicon Valley at the capital's Olympic Park.

As part of his speech, the PM announced an independent review of the intellectual property (IP) system. The six-month review will identify barriers to growth and look at how the IP system can become fit for the digital age.

A new 'entrepreneur visa' will also be created, to enable anyone with a great business idea and investment from a leading investor to set up in the UK.

John Cridland, CBI deputy director-general, said: "We need growth to generate jobs and wealth in the future. This exciting plan for East London is the first part of a broader strategy for growth that the Prime Minister announced at the CBI's conference.

"The Government's ambition for a world-class IP regime in the UK is also significant. To achieve the best possible environment for business to invest and operate, the Government must first understand what drives that investment.

"IP-intensive products and services may be created here but are consumed globally. So we need an IP system which supports both the creation and exploitation of IP, in the UK and in other established and emerging markets.

"The entrepreneur's visa will help attract jobs and investment to the UK. Even more important will be the Government's wider review of the immigration system. Companies must be able to access the best and brightest talent from around the world."