More funding for biotech

Funding for the UK’s biotech industry, which includes stem cell research and DNA based medicines, will rise to over £1 billion over the next three years.

The money has been allocated from the already announced £10 billion science budget.

In addition to the £1 billion for the Biotechnology and Biological Sciences Research Council, £1.5 billion has been allocated to the Medical Research Council; while £300 million has been set aside for university business link-ups and £200 million for nanotechnology.

Trade and Industry Secretary Patricia Hewitt said: “Our record investment in science sends a strong signal to scientists around the world that the UK is the place to come to carry out research in cutting edge areas including medical treatments such as stem cell research and nanotechnology.”