03/08/2012 08:27 BST | Updated 02/10/2012 10:12 BST

Tech City Investments Rack Up As Osborne Hails 'Purple Patch'

British technology has "hit a purple patch" the Chancellor will say today, as he announces a string of investments by major companies in the capital's technology hub, Tech City.

George Osborne is expected to unveil a "triple whammy" of investments by Vodafone, Barclays and GREE, among others, during a speech to delegates at the Global Business Summit on ICT.

A string of recent investments by companies including Amazon, Microsoft and Konami have boosted the tech scene in London, even as the industry struggles in areas outside the capital.

The event at Lancaster House is one of 18 summits organised by UK Trade & Investment (UKTI) during the London Olympic and Paralympic Games, and is intended to display UK ICT innovation and technology to global

representatives, promoting new opportunities for international business.

Projects set to be detailed include Vodafone committing to opening a new Tech City technology lab, in east London; Barclays and Central Working setting up a new club in Tech City to help 22,000 businesses during the next five years, plus Tokyo-based mobile social gaming company GREE Inc's aim to open a new game development studio in the UK and its planned relocation in September to a new office in Tech City.

Osborne will say: "Taken together, these major investments by Vodafone, Barclays and GREE represent a triple whammy for Tech City. Coming so quickly after the announcements from Facebook and Amazon, British technology has hit a purple patch."

"You will not find a country anywhere in the world that is more open to technology, more open to investment and more open for business. We're putting in place the right vision and the right policies to help your company succeed right here in the UK.

"That's why the world's leading technology companies are beating a path to our shores. And that's why we will continue to do everything we can to help technology investors and entrepreneurs invest, innovate and succeed in the UK."

During his speech the Chancellor is expected to outline Britain's technology credentials and potential for investors.

Osborne will say: "It really is no exaggeration to say that the UK is the most "wired" economy on the planet. You really will not find a government anywhere that is more supportive of new technologies, or doing more to back technology entrepreneurs and investors.

"We are pulling out all the stops to ensure that you - the world's leading investors and technology companies - have everything you need to innovate and succeed right here in the UK.

"Right across the board, the British Government is leading the world when it comes to ensuring that our policies are supporting technology and innovation, not holding it back. Nowhere is this more true than when it comes to Tech City, the technology cluster in East London."

London Mayor Boris Johnson added: "It's fantastic that more and more companies are taking advantage of the enormous benefits of doing business in London, and I am delighted to welcome these new additions to Tech City."