The Alan Turing Institute, located in London, will be a new £42 million big data research centre which will be funded by the UK government.

The research centre, it is hoped, will make the UK a leader in algorithms used to analyse big data, and is to be backed by UK Busines schools and universities, including Cambridge and Oxford.

Business Secretary, Vince Cable, said: "Alan Turing’s genius played a pivotal role in cracking the codes that helped us win the Second World War. It is therefore only right that our country’s top universities are chosen to lead this new institute named in his honour."

"Headed by the universities of Cambridge, Edinburgh, Oxford, Warwick and UCL – the Alan Turing Institute will attract the best data scientists and mathematicians from the UK and across the globe to break new boundaries in how we use big data in a fast moving, competitive world."

The investment shows the UK’s commitment to invest in big data research and comes after a £20 million investment by KPMG in Imperial College Business School for a business analytics research centre.