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“This is really welcome news for the UK. Data scientists are what computer programmers were to the UK economy in the nineties,” said Alwin Magimay, UK head of digital and analytics at KPMG, on the Budget announcement on the Alan Turing Institute, a £42 million investment in big data and algorithm research.

“We as a nation need to industrialise this discipline to ensure that British business can prosper from understanding the potential of the data and turn it into a competitive business advantage. The investment of £42 million is a powerful signal to businesses, academic institutions and investors to sit up and realise that big data isn’t just a term coined by the technology world but that it presents a real opportunity for UK business to gain value from the abundance of data being created in a digital and connected world.

“We are only at the very beginning of this revolution but the power of data is not new to KPMG. We are already supporting a variety of early stage companies in this space through our Digital Innovation Network. We have recently announced our data scientist summer academy programme that will help to create a much needed pool of data scientists in the UK and are close to announcing yet another exciting and transformational development in this space.”