Plans for a new multi-million pound science park in the UK were unveiled earlier this week by the UK government, the Wellcome Trust and GlaxoSmithKline.

The park, which will be located at GSK’s existing site in Stevenage, could eventually serve as a base for 1,500 scientists working for early-stage biotech companies.

“It will leverage our existing strengths as a world leader in the sector, helping it to grow and reinforcing our international competitiveness,” said UK business secretary Lord Mandelson (press release). “And ultimately it will help us build towards a stronger UK economy coming out of the global downturn.”

Initial funding for the park comes from the government (£16.7m), The Wellcome Trust (£6m), the East of England Development Agency (£4m) and GSK (£11m). The Daily Telegraph says the park could eventually cost £170m.