Prime minister David Cameron is to unveil a new technology centre in London's East End today.
Google and Facebook are said to be investing in the East London Tech City, which will stretch between the Olympic Park to Shoreditch, the BBC has reported.
Cameron will make the announcement to high-tech businesses in East London.
In his speech, Cameron will say, "Silicon Valley is the leading place in the world for high-tech growth and innovation, but there is no reason why it has to be so predominant. Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world's great technology centres."
Other companies thought to invest in the East London initiative are Intel, which will create a new research lab, and BT, which will accelerate its roll-out of super fast broadband in the area.