STM, which now exists in dozens of variants, is a vital research tool in such fields as materials science, nanotechnology and microbiology.

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In his speech, Mr Osborne set out seven further areas where the government thinks Britain is a world leader and can and must go further: computing, synthetic biology, regenerative medicine, agricultural science, energy storage, robotics and advanced materials including nanotechnology.

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However, he warned against focussing disproportionately on the eight areas of excellence outlined by the Chancellor in November ("big data" computing, synthetic biology, regenerative medicine, agricultural science, energy storage, space, robotics and advanced materials including nanotechnology).

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Nanotechnology is the science of the very small, where machines and materials are built at the molecular level, and key components are measured in nanometers, or one-billionth of a meter.

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