The government has announced a £1 billion programme of science investment.

The cash awards were revealed by science minister Lord Sainsbury, who praised UK science as "among the best and most cost-effective in the world".

The grants come amid predictions of a looming cash crisis in some of Britain's leading universities.

More than 150 universities and institutions are to receive the additional funding - which can be spent on equipment or renovating buildings used for scientific research.

Specific projects set to benefit include the development of new innovations such as nanotechnology - which will make products lighter, stronger, cleaner, less expensive and more precise.

"The research carried out in our laboratories today is the foundation for the new products, medicines and technologies of tomorrow," Lord Sainsbury said.

"British science is among the best and most cost-effective in the world. Today's injection of over £1 billion is the largest ever government investment in our science research infrastructure and will ensure that UK science remains at the cutting edge."

The cash boost was welcomed by the higher education minister Margaret Hodge.

"We cannot remain at the cutting edge of research if we are dependent on ageing and inadequate buildings and equipment," she said.

"This funding will provide further crucial help in turning round years of under-investment.

"Together with the other substantial increases in funding we have recently announced, this investment will ensure that our higher education institutions have the resources they need to compete on the global research stage.''