It has now been confirmed that the £50m earmarked for Tech City two years ago has not been used so it is going back into general expenditure.
"I think government has missed the trick," he added. "There are far greater ways to drive innovation, not just in Silicon Roundabout but other parts of London, Birmingham, Sheffield, Manchester and also Cambridge. Lots of companies flock to areas of regeneration because the office space is cheaper." Mitchell said that the Tech City area of London has done a great job of attracting tech companies, incubators, networks and investment. He believes government needs to fix the fundamental problems first -which is spending more with SMEs.