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Unfortunately, wherever there are significant funds to disburse, people will fight to get it spent in "their" way (and exclude their rivals). In some ways, drip feeding a little bit of funding in a lot of places would give everyone a chance to argue themselves to a consensus over how it should be spent.
 
But then I'm sitting smugly on a fairly well-developed consensus in Oxford (though Tim seems to disagree with it).
 
Richard