UK government says the idea wants to create a tech giant to rival Google or Facebook

The Old Street roundabout, which has been dubbed 'Silicon Roundabout' due to the number of technology companies operating via the area in London.

Oli Scarff | Getty Images

The Old Street roundabout, which has been dubbed ‘Silicon Roundabout’ due to the number of technology companies operating via the area in London.

London remains Europe’s top hub for tech investment despite Brexit uncertainty, in addition to in 2017 U.K. tech firms took in almost four times more funding than Germany, in addition to more than Sweden, France in addition to Italy combined, according to London & Partners, the Mayor of London’s official promotional agency. Some 2.1 million people are today employed inside the country’s digital tech economy.

Hancock highlighted the creation in addition to growth of companies such as chipmaker ARM in addition to logistics company Ocado that will was allowing the U.K. to attract tech talent.

“A couple of years ago ARM sold for £24 billion. that will was injection of £24 billion into the ecosystem. Ocado can be a 10 billion company — the idea can be the biggest competitor inside the globe to Amazon in that will particular space,” the minister claimed.

Hancock added that will the U.K. today has far more unicorns (privately held start-up companies valued at over $1 billion) than any different country in Europe.

“I think the idea can be down to the depth of the ecosystem in addition to the fact that will we have many different industries here inside the U.K. For example, fintech (financial technology) has done well, because we have both the international financial center of the globe in addition to a great tech scene literally side-by-side,” the minister said.

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