The Chancellor of the Exchequer, George Osborne, has confirmed Government funding for the UK Centre for Medical Research and Innovation.
In outlining the Spending Review, Mr Osborne said the Government would invest its share of funding for the UK Centre for Medical Research and Innovation. He told MPs: "Britain is a world leader in scientific research. And that is vital to our future economic success."
UKCMRI is one of the Government's key projects in this field and the government investment will amount to £220 million over four years.
Sir Paul Nurse, the Director-designate for UKCMRI welcomed the announcement: "We're very pleased the Government has reiterated its support for the UK Centre for Medical Research and Innovation which will play a central role in the national medical research endeavour in the decades to come."
UKCMRI is a partnership between four of the world's leading biomedical research organisations: the Medical Research Council, Cancer Research UK, the Wellcome Trust and UCL (University College London). The government's investment in UKCMRI will be channelled through the Medical Research Council.
UKCMRI plans to build a new multidisciplinary medical research centre in London. It will be one of the biggest of its kind in the world and will house 1,250 research scientists.
