 Thank you. Thank you very much for that welcome and thank you for letting me gate crash your conference this morning. Just over two years ago, entrepreneurs started telling us that something amazing was happening right here in East London. A technology cluster was growing and had been doing so for a few years. They wanted government to put its shoulder to the wheel to help them overcome three big challenges. The first big challenge was the requirement for global profile. So companies and investors around the world would know about the huge opportunities and the creative potential in this area. Second, they needed a radical change in government policy. Because rather than helping these companies, government had in fact been hindering them. SMEs couldn't access government contracts, intellectual property law wasn't keeping pace with the digital age. And accessing early stage funding was far harder than it should have been. And third, the third challenge was a lack of space for people in the technology community to come together here in East London to share ideas and expertise and to help each other to develop. So two years ago, I said this government would do what it can to help. Our work on what we call the tech city initiative, I think is a great example of the positive impact that government can have. It's a good example of how a modern industrial strategy can encourage growth, stimulate entrepreneurship and champion innovation. So first on global profile, we've created a tech city investment organisation now headed by the fantastic Joanna Shields. It's great that she is doing that work. Over the past two years, it's spread the word about tech city at events across the globe. We even roped in their Royal Highnesses, the Duke and Duchess of Cambridge, to promote tech city in California. We've not only seen tech city companies win investment from overseas and expand into new markets. We've also been able to help bring the world's top technology companies here to East London. And today, we're celebrating more corporate investments in tech city. Microsoft will open a technology developer centre here in East London. University College London with Cisco and DC Thompson are creating an incubator facility to help new companies grow. And alert me, a Cambridge born technology and design company that helps people to manage their energy consumption is moving to tech city. Put simply, we're seeing tech city become a real home for global technology companies in Europe. A second, on government policy, we've created some of the world's most generous tax breaks for angel investment. We've doubled entrepreneur relief, we've created an entrepreneur visa, and we've announced tax breaks for video games and trebled the proportion of government contracts going to small businesses. The list does go on and on. And just yesterday, the Chancellor announced new measures to support high growth businesses by allowing Isis to be invested in aim listed companies. And he also announced, not really noticed yesterday, a massive change to the EMI scheme for share ownership so that people who take a risk and join a startup will get preferential tax treatment on their share options. Our ambition is nothing less than for the UK to become the best place in the world to start to run and to grow a technology company. These policies are helping to make that ambition a reality. Now third, on the space required that people and businesses need in order to come together, we've worked hard to use the sort of convening power of government to bring together people who might not otherwise work together. We've organised events to bring together the city and tech city. We've brought international technology conferences to London. And we've got out there and led from the front in bringing about new community spaces like the campus building just around the corner, home to hundreds of startups and general assembly providing mentoring and training to entrepreneurs in East London. And today I'm pleased to say that we're going to go a big step further. On the screen behind me should be an image of Old Street Roundabout. Good, excellent. The technology works. Lucky while we're here in tech city. On the screen behind me is an image of Old Street Roundabout, also affectionately known as Silicon Roundabout and it's the physical heart, if you like, of this technology cluster where it all began. Now we've been working with the local technology community who said to us that this site should be the location for a beacon of technology and innovation that is recognised around the world. So that is exactly what we're going to create. The Mayor of London and I are delighted to announce that government is going to invest 50 million pounds to build Europe's largest indoor civic space on the site of the Old Street Roundabout. This is what it could look like. It's fantastic. I went round that roundabout this morning. It would be quite a transformation. So this amazing new space will provide entrepreneurs and start-up businesses with the facilities and the spaces that they need to succeed but which individually they might not be able to afford themselves. The building will be chock full of classrooms, flexible office space, auditoriums for events and there will also be a cutting edge 3D printing lab so that designers from across the country can turn their ideas into physical products that can be sold around the world. It is a 21st century civic space and I think will be a global landmark for East London. It's nothing less than a Silicon Roundabout and it's going to help move tech city to the next level. I've said before that Britain, our country is in a global race and the critical question is this. How does Britain compete and win in a world where all around us new countries are on the rise and the answer frankly is found in places like this. This tech city initiative and the Old Street project are symbols of this government's commitment to technology, to entrepreneurship and to innovation. When we see an opportunity we should go for it. Years ago there were 200 companies and today there are more than 1,200 in tech city. These are supporting some 48,000 jobs and what is happening here in East London is absolutely vital to our future. So I'm delighted to be part of it, delighted that the government is playing its part to help grow this amazing cluster and I know someone else who is also delighted to be part of it and it gives me great pleasure to introduce the Mayor of London Boris Johnson. Thank you very much.