Prime Minister David Cameron is planning to create a new Silicon Valley in London's East End.

Cameron said he wants to make the area one of the "world's great technology centres", according to a BBC report.

In a speech today, Cameron will insist that firms including Google and Facebook are planning to invest in the planned "East London Tech City". BT, Cisco and Intel are also said to be interested in the development.

The initiative is aimed at providing competition to California's Silicon Valley, by east London becoming a global hub for technology. Cameron's speech will be made in Shoreditch.

Private technology initiatives can go some way to filling the jobs gap left by an estimated 500,000 public sector redundancies due to take place, Cameron believe. He will say: "Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant."

The Olympic Park area will also be included in the plans, meaning the government can also claim an added important legacy from the London 2012 Olympics.

In the US, the number of available full-time tech jobs has increased 46 percent in the past year, and Silcon Valley is helping to lead the way, according to recent research.