Canary Wharf Group secretary John Garwood the area was a "natural fit" for IT companies, and that that the presence of so many financial institutions would aid with funding.

"We think that's a unique selling point," he was reported in the as saying.

It is expected that media and telecoms firms will accompany technology businesses in setting up in the area.

Wood Wharf, a site next to the main Canary Wharf area, is a key candidate for IT developments, the newspaper reported. The site will also contain homes and shops, as well as a hotel.