UK Prime Minister David Cameron is expected to announce a review of British laws on intellectual property and the creation of a new Enterprise Visa to help boost UK's technology sector.
The Prime Minister is also expected to announce plans for turning London's Olympic Park into a centre for technological innovation to Silicon Valley.
Google and Facebook are expected to have pledged investment to develop the area located around London's Old Street and Shoreditch.
According to The Telegraph, the Prime Minister will announce a review of intellectual property laws to attract IT firms to the UK. The government plans to bring the intellectual property laws more in line to those used in the US.
The planned Enterprise Visa will be available to people with "great business" ideas and substantial backing from a leading investment firm.
“We're not just going to back the big businesses of today, we're going to back the big businesses of tomorrow. We are firmly on the side of the high-growth, highly innovative companies of the future. Don't doubt our ambition,” the Prime Minister said.