In a speech today to launch the consultation, Chancellor George Osborne is due to stress that science, research and innovation remain central to the government¡¯s long-term economic plan.

But he is also expected to say that the UK needs to do more to create commercial successes from scientific discoveries.

In last year¡¯s Spending Round, Mr Osborne announced that the capital budget for science would be increased to ?1.1 billion in 2015-16 and maintained in real terms until the end of the decade.

The Treasury wants the consultation to ensure the money ¡°is targeted at the areas of research that scientists believe have the highest potential and greatest opportunity for commercial application¡±.

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In his speech he will also announce that the government will fund a new ?200 million polar research ship for climate and ocean research in both Antarctica and the Arctic.

Speaking ahead of his speech, Mr Osborne said: ¡°While as a country we have a proud record in scientific ingenuity, too often it has been other countries that have enjoyed the economic opportunity from it.

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¡°Our long-term economic plan is about ensuring Britain benefits from its scientific excellence.¡±?

He said the consultation would involve the ¡°scientific community ¨C both researchers and businesses¡± to determine how the capital money should be spent.

¡°Backing British science, supporting businesses seeking to grow off the back of it and protecting investment in it is a central part of our long-term economic plan.¡±

David Willetts, the universities and science minister, said: ¡°Today¡¯s launch of our consultation on future capital investment is a historic opportunity for British science.

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¡°Our scientists can identify the next Crick Institute or the next equivalent of the Laboratory of Molecular Biology for us to invest in.¡±

Of the polar research ship, the design of which was proposed by the Natural Environment Research Council, Mr Osborne said that the polar oceans are one of the ¡°final frontiers¡± in the world where there are still many discoveries to be made.

¡°Britain must continue to have a presence in these parts of the world. But our two current polar exploration ships are nearing the end of their life and need replacing,¡± he added.

The ship ¨C which will include robotic vehicles and sophisticated underwater environmental monitoring systems ¨C will be operated by the British Antarctic Survey and available to the whole UK research base including for postgraduate training.

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simon.baker@tsleducation.com