The British government is providing funding for two clinical trials of potential vaccines for the new coronavirus, one of which will begin trials on Thursday.

Health Secretary Matt Hancock said at the government's daily press briefing that the U.K. is at the ``forefront of the global effort'' to find a vaccine and will provide financial assistance to the ``promising projects'' being conducted at Oxford University and Imperial College London.

The project at Imperial will receive 22.5 million pounds ($28 million) to support its phase-two clinical trials, while Oxford's will be trialed on people beginning Thursday and will be granted 20 million pounds ($24.5 million).

Hancock also said that the government will invest in manufacturing capacity in the event either, or both, vaccines work.

However, he cautioned about the prospects of success, saying the process of vaccine development is one of ``trial and error and trial again.''