This is exactly the sort of thing that never happens in the UK. A big, fat £300m fund for spin-offs from the University of Oxford.

One thing I have learnt, and re-learnt recently, is that the right people, with a clear problem and, crucially, enough time is a properly winning combination.

Oxford has always had the right people. There are plenty of problems that need solving. The thing that UK firms have always suffered from has been a lack of proper investment and, therefore, insufficient time.

No doubt the success of Natural Motion (who I'm reliably informed started life in exactly the same office from which I write this) and several others has made Mr Woodford's job a lot easier. Woodford too, is Oxford based.