STM, which now exists in dozens of variants, is a vital research tool in such fields as materials science, nanotechnology and microbiology.

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However, he warned against focussing disproportionately on the eight areas of excellence outlined by the Chancellor in November ("big data" computing, synthetic biology, regenerative medicine, agricultural science, energy storage, space, robotics and advanced materials including nanotechnology).

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In his speech, Mr Osborne set out seven further areas where the government thinks Britain is a world leader and can and must go further: computing, synthetic biology, regenerative medicine, agricultural science, energy storage, robotics and advanced materials including nanotechnology.

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Already, as Rob Atkinson points out, China has been making rapid progress in nanotechnology and materials technology as well as in genomics.

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Right now Europe also seems ahead in developing nanotechnology to create materials for industries like cosmetics and textiles.

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As this survey will show, nanotechnology will indeed affect every industry through improvements to existing materials and products, as well as allowing the creation of entirely new materials.

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Nanotechnology is the science of the very small, where machines and materials are built at the molecular level, and key components are measured in nanometers, or one-billionth of a meter.

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