Quantum tech gets £121mln from UK Government

Boost for quantum technology to tackle fraud, prevent money laundering and drive growth.

The UK Government says that developing quantum will bring a range of benefits, including improved healthcare systems and boosted energy efficiency in the grid.

Coinciding with World Quantum Day, the funding is being made available over the next year to expand the use of the technology, which uses the properties of the universe’s smallest particles to build ultra-powerful computers and sensors.

Full breakdown of the investment:

£46.1mln through Innovate UK to accelerate the deployment of quantum technology across a range of sectors, including computing, networking, PNT (position, navigation and timing) and sensing.

£21mln to further the work of the National Quantum Computing Centre, including their testbed programme with Innovate UK, with support from the Quantum Software Lab to accelerate the discovery of more ways that quantum can overhaul the way we work and solve problems.

£10.9mln for the National Physical Laboratory’s (NPL) quantum measurement programme to encourage more businesses to make full use of the technology.

This is the latest part of the UK’s National Quantum Technologies Programme, which sets out the long-term effort to back early-stage research, and support getting quantum technologies from the lab to the marketplace.

The government says it sets the UK on the pathway to deliver its National Quantum Missions – the plan to make this tech deliver for the private and public sectors.

Secretary of State for Science and Technology, Peter Kyle, says, 'The UK is home to the second largest community of quantum businesses in the world and this investment means they can go further paving the way for new quantum tools and products that make our lives easier, fuel growth, and help us tackle the great challenges of our era.'

The technology is already being harnessed, by using quantum computing’s unique ability to analyse complex data and detect subtle patterns, to tackle fraud, which currently costs the economy £2.6bln each year.

Quantum specialists at HSBC bank have been working with government-backed partners like the National Quantum Computing Centre to find ways quantum can be used to identify the indicators of anti-money laundering.