The UK government is committing £496 million (US$820 million) towards 111 postgraduate training centres in physical sciences, maths and engineering to plug skills gaps in industry. UK chancellor George Osborne said on 19 March that the government will spend £106 million over five years on 20 new centres, to top up its earlier commitment of £390 million towards 91 centres. Industry has provided another £374 million. The Engineering and Physical Sciences Research Council is administering the funds mainly as graduate studentships.