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The new European Union research budget has had its official UK launch.

BBC
The ERC funds activity across all fields of research, with the emphasis squarely on excellence

Known as Horizon 2020, the programme is worth nearly £67bn (80bn euros) and covers the next seven years.

The funds are allocated through a competitive process, in which Britain traditionally fares very well - second only to Germany.

If this performance is maintained, UK universities, research centres and businesses could expect to receive £2bn in the first two years of Horizon 2020.

Such an allocation would equate to just over a fifth of the total British government spend on science.

Read the full BBC News Story