Wellcome Announces Details of its New Awards

Wellcome has given details of its new 'Investigator' Awards, that will replace its current project awards. There'll be two types: New Investigator and Senior Investigator. Both provide £100-£425k per year for up to seven years. For the New Investigator Award you need to have less than five years from appointment to your first academic position.
At the point of application, researchers will no longer be expected to provide a detailed methodological description of how their work will be carried out or a line-by-line budget. The application form will ask researchers to outline their research vision, their approach to answering their key research questions and the approximate costs needed.
They say that they do not intend to make a pre-determined number of Investigator Awards per year. If you're unsuccessful the first time, you can apply again, but only after one year (for new investigators) or two years (for senior investigators). Applicants do not need to be already in position at their host institution, but there does need to be a written guarantee by the host.
The first round of applications for Investigator Awards will open on 1 October 2010, with the first awards due to be made in May 2011.More detail, including FAQs, is available here.