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Oxford University will play a key role in the creation and the activities of the Alan Turing Institute.

The Institute will build on the UK's existing academic strengths and help position the country as a world leader in the analysis and application of big data and algorithm research. Its headquarters will be based at the British Library in London.

Oxford is one of the five universities selected to lead the Alan Turing Institute, Rt Hon Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced today.

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.'

Professor Ian Walmsley, Oxford University's Pro-Vice-Chancellor (Research), said: 'Advances in data science and algorithms have the potential to transform our everyday lives and the economy and we are delighted to be part of this new venture. We look forward to working with our partners at The Alan Turing Institute and drawing on world-class research at Oxford University across a diverse range of disciplines to ensure that this is translated into new commercial opportunities and innovations that benefit society as a whole.'

Professor Philip Nelson, EPSRC's Chief Executive said: 'The Alan Turing Institute will draw on the best of the best academic talent in the country. It will use the power of mathematics, statistics, and computer science to analyze Big Data in many ways, including the ability to improve online security. Big Data is going to play a central role in how we run our industries, businesses and services. Economies that invest in research are more likely to be strong and resilient; the Alan Turing Institute will help us be both.'