The Alan Turing Institute was announced in the 2014 budget by George Osborne the then Chancellor of the Exchequer. It will receive 42 million government funding over five years. The new institute will support research on methods of collecting, organising and analysing Big Data and also more general algorithm research. The objective of the institute is to deliver a bridge between UK commercial organisations that require innovation in these areas and the recognized excellence of UK academic research in this area. In July 2014, the EPSRC issued a call for expressions of interest in establishing the new institute, which extends till October. In January 2015 Business Secretary Vince Cable announced that the institute would be “headed by the universities of Cambridge, Edinburgh, Oxford, Warwick and UCL”.