Britain's booming tech industry beats Silicon Valley

London is becoming 'digital powerhouse' that will help pump £12billion into economy over next ten years

* Digital sector in London will boost economy by £12billion over next ten years

* Oxford Economics predicts capital's tech sector will provide 46,000 jobs 

* South Mountain Economics says growth in tech sector is outstripping that of Silicon Valley 

* Chair of Tech City UK Joanna Shields says London is becoming a 'digital powerhouse

Britain's technology industry is growing faster than Silicon Valley with London becoming a 'digital powerhouse' of the sector, which will pump £12billion into the economy over the next decade.

Two separate studies have shown the importance of the capital in the digital world as London prepares to welcome more than 30,000 investors and developers to the first ever London Technology Week, which takes place at various venues across the city. 

Digital big hitters such as Microsoft, Google and Samsung are set to attend the event alongside homegrown successes such as Mind Candy and SpareRoom.

Meanwhile, a separate study by South Mountain social science has found that the technology trade in London, the south-east and east of England is growing at a quicker rate than geographical region. 

Their analysis also showed that London could be a world leader in money technology, using a lot of employees within the sector than the big apple town and point of entry. 

Many of London's rising digital firms square measure based mostly in school town Britain centred on recent Street and Shoreditch in east London. 

Firms that launched there before being bought up by larger firms embrace social media management tool TweetDeck and music recommendation system Last.fm. 

Current winning businesses set in school town embrace Mind Candy, the firm behind the Moshi Monsters craze and trouble.com, that permits customers to book native cleaners for his or her home or business. 

In comparison, depression|geographical area|geographic area|geographical region|geographic region} within the metropolis Valley near point of entry Bay is home to a number of the most important technology corporations within the world, together with Apple, Google and Facebook. 

The term geographical region was initial coined in 1971 and have become wide employed in the Nineteen Eighties, with semiconducting material pertaining to the fabric accustomed create semi-conductors in computers. 

Research has found that half the foremost creative cities in America square measure in geographical region in terms of utility patents filed. 

Chair of school town Britain Joanna Shields said: 'London could be a digital powerhouse. In recent years the school sector has vie a vital role leading economic recovery, accounting for twenty seven per cent of recent job creation.