In 2003 Imperial was granted degree-awarding powers in its own right by the Privy Council. The London Centre for Nanotechnology was established in the same year as a joint venture between UCL and Imperial College London. In 2004 the Tanaka Business School (now named the Imperial College Business School) and a new Main Entrance on Exhibition Road were opened by The Queen. The UK Energy Research Centre was also established in 2004 and opened its headquarters at Imperial College. In November 2005 the Faculties of Life Sciences and Physical Sciences merged to become the Faculty of Natural Sciences.