Britain's battle to hold tech talent

Many devloped nations around the world are keen to start up their own version of Silicon Valley. But if Britian's 'Tech City' is any example, such efforts may just end up lining the pockets of US investors.

East London's technology hub is established well beyond start-up status: Thousands of new web firms now work in the offices around Old Street and on any given day the area's coffee shops buzz with young hopefuls meeting advisers and investors.

Britain's government has christened the area "Tech City" and makes no secret of its hope that the entrepreneurial ventures being dreamed up there can spearhead an economic boost to lift the country out of a long recession.

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