The Government has given formal approval for the Medical Research Council's involvement in the UK Centre for Medical Research and Innovation.
Ministers had previously identified UKCMRI as a key project for the national infrastructure and the Department for Business, Innovation and Skills has now confirmed the funding arrangements with its approval of the MRC's business case.
The institute, led by the Nobel laureate Sir Paul Nurse, will foster collaboration with other centres of excellence and bring this country's best physical, biomedical and clinical scientists together. It will help to ensure that advances in biomedical sciences are translated swiftly and effectively into benefits for patients and the economy. It is founded by the Medical Research Council, Cancer Research UK, the Wellcome Trust and UCL (University College London).
The Prime Minister, David Cameron, said: "The UK's science and research sector is world class and one that we can be very proud of. A strong research base is absolutely crucial to help secure long term economic growth, helping to rebalance the economy and creating the jobs of the future, which is why despite some tough spending decisions we have protected its funding.
"We have some of the best scientists, excellent facilities and cutting edge technology, and it is our determination that we do all that we can to ensure the UK remains one of the world leaders in this field for many years to come."
The chief executive of UKCMRI, Sir Paul Nurse added: "UKCMRI will be at the heart of biomedical research in the UK, training scientists, developing new technologies, generating important findings and driving forward the translation of research. Although expected, confirmation that the government is happy to fund the project through the MRC means we can now move forward with the physical work of building the institute."
The Minister for Universities and Science, David Willetts, said: "Here in the UK we have some of the world's top biomedical scientists, but to make the most of this we need to ensure we have the very best facilities. I am delighted that we are one step closer to the development of UKCMRI. This exciting new institute will bring the best scientific talent together to understand the biology underlying human health and find ways to prevent and treat the most significant diseases affecting people today."
Planning permission for UKCMRI was granted by the London Borough of Camden in December. The Mayor of London, Boris Johnson, has also formally approved the plans.
