The Bond Review on Knowledge Exchange was launched on 26th April. It contains major recommendations including the establishment of an Academy for the Mathematical Sciences and suggests various mechanisms for the development of suitably skilled mathematicians and for strengthening the national infrastructure for engagement between mathematicians and potential users. It makes an extremely strong case for a very significant increase in funding for the Mathematical Sciences.
The Council for the Mathematical Sciences (CMS) has met to discuss the report and its recommendations. Broadly welcoming the report, their statement can be found here. In particular there was strong support for the establishment of an Academy, while being mindful of the need for careful consideration of the many factors involved. Further discussions will be ongoing in the coming months.
You are highly recommended to read both the report and response.