George Osborne's 2014 UK Budget announcement on 19th March revealed plans to create the Alan Turing Institute for big data and algorithms. Speaking at the House of Commons, the chancellor said that the creation of the institute, named after the famous British mathematician, would see the country become a leader in the use of big data research.

George Osborne spoke of his delight at the posthumous Royal Pardon granted to Alan Turing:

"Now, in his honour, we will found the Alan Turing Institute to ensure Britain leads the way again in the use of big data and algorithm research."

"I am determined that our country is going to out-compete, out-smart and out-do the rest of the world."

Universities will now bid to host the facility and Government funding of £42million will be granted over 5 years.

Commenting on the announcement, Paul Kenyon, co-founder and EVP global sales at Avecto said:

"It's extremely positive to hear one of the key budget announcements concerning the UK science and technology sectors. The government's £42m funding for the new Turing Institute is an encouraging sign that these sectors are key drivers of the UK economy."

"It is crucial that the skills gap, especially in the technology industry, is acknowledged and that companies are supported in order to attract those with the correct expertise for specific jobs. If the institute were to be located in the North West it would be a fantastic way of ensuring our technically skilled graduates remain in the region."