In a speech to the ICT Olympics trade event at Lancaster House, Osborne said that Barclays was one of three companies, alongside Vodafone and Japanese gaming company GREE, announcing new investment in the area.

The announcement follows a report from earlier this week, which hinted that Barclays would be investing a six-figure sum into Tech City.

Highlighting government initiatives such as the and , Osborne said: "You really will not find a government anywhere that is more supportive of new technologies, or doing more to back technology entrepreneurs and investors."Barclays' Shoreditch-based Central Working hub is a 4,000 square foot space that aims to be a collaborative space for local entrepreneurs.

The bank estimates that more than 10,000 businesses will use the space over the next decade.

Meanwhile, GREE will establish a new game development studio in Tech City, as it hopes to draw on the skills of the area's video gaming community.