The new money, which the research institutes have to bid for by June, will be for new buildings and scientific infrastructure.

BBC: Budget boost for science in the east

"The commitment to new spending on scientific infrastructure is important, as part of the UK's push to be a modern, high-tech economy, " he said.

BBC: Space spending to be increased by ?60m a year

While America's innovation heritage is unparalleled, the evidence is mounting that we are failing to make the investments in our young people, our workers, our scientific research infrastructure and our economy that will enable us to retain our global innovation leadership.

FORBES: What The U.S. Must Do To Keep Up