THE UK has always been at the forefront of health research – we’re the country of the world’s first smallpox vaccine, who in Alexander Fleming discovered penicillin and through Crick and Watson first understood the structure of DNA. Oxford has a proud tradition of being at the heart of the endeavour to push the boundaries of modern medicine.

This city has exported breakthroughs to the world – from gene therapy to restore sight, to a new test for Tuberculosis and leading the way the NHS treats those with eating disorders.

Without the work taking place here we would not have developed new techniques in stroke prevention, or have started the journey to create new molecules to treat diseases such as cancer and diabetes.

Today, we are making sure the UK, and Oxford, stay ahead of the game through a record £816 million investment. Nationally, mental health research will see a funding increase to nearly £70 million, dementia to more than £45 million, deafness and hearing problems will receive over £15 million and antimicrobial resistance research rises to around £45 million.

The NHS boasts some of the great minds in modern medical research. This new five-year funding package will support endeavours to help patients now and in the future. Our Biomedical Research Centres are leaders in turning laboratory discoveries into cutting-edge treatments that ensure patients get the very best care. And Oxford will play a central role – what I am announcing today adds up to a £126 million vote of confidence.

As a result, Oxford Health will be founding the country’s second such research centre on mental health and the University of Oxford will be undertaking further work on antimicrobial resistance – perhaps our biggest global health threat – as well as stem cells and vaccines.

As the Prime Minister has made clear, the struggles that people with mental health face are among the most pressing inequalities that this Government is determined to address. That is why we are funding research here in Oxford to look at brain markers for mental health conditions and to continue developing our world-leading talking therapies programme.

It is estimated that for every £1 we invest in medical research, hospitals and universities partnerships generate £6 – so this will boost the economy of Oxford and the country as a whole.

And let’s remember what the last round of this funding led to. Medical breakthroughs – like genetically engineering patients’ own cells to attack cancer and the world’s first ever use of gene-edited immune cells to fight leukemia that had previously been thought untreatable. In the years ahead, Britain will continue to drive global innovation and transform lives. I know that this new investment will give us more exciting breakthroughs which will benefit the NHS and encourage UK economic growth – and, ultimately, will ensure that patients in this country benefit from world-class treatment. That’s an ambition we should all celebrate – and it’s one Oxford will be central to delivering.