The Wellcome Trust, the world's largest medical research charity, is planning to boost its annual spending.

The trust, which backs a broad range of biomedical research, will increase its expenditure by 60% to £4 billion (US$8 billion) over the next five years.

Total grant funding is expected to rise from £520 million to £650 million annually, according to spokesman Craig Brierley. A portion of the new money will go towards research into the genetic basis for common diseases such as cancer and diabetes.

Some £500 million will go towards assisting construction of a new biomedical campus in London, a fund to develop new treatments based on fundamental science, and a campaign to improve Africa's biomedical infrastructure.