Latest news: Osborne announces £600million science funding

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A £600million boost for UK science has been made available to develop cutting-edge technology, which has the potential to create graduate jobs in the sector.07/12/2012

Chancellor George Osborne broke the news in his Autumn Statement, with the money being directed at eight strands of research including advanced materials, synthetic biology, big data computing and energy storage.

The cash will be spent over the course of three years in instalments of £10million, £282million and £308million, bringing total government spending in science since 2010 over £1.5billion.

Scientists and university departments welcomed the news and BBC's science editor, David Shukman, commented, 'You can almost hear the sigh of relief from the world of British science.'

Science minister David Willetts said, 'It will support high-tech areas where the UK's research base and industry can gain a competitive advantage, like big data and energy efficient computing, synthetic biology and advanced materials.

'This will drive growth, create the jobs of the future and help us get ahead in the global race.'