The º£½ÇÊÓƵ government has committed £121m to expedite the development and commercial application of quantum technologies, with ministers highlighting their potential in combating financial crime and enhancing public services.
This investment is also expected to generate thousands of high-skilled jobs nationwide, as reported by .
Unveiled on 'World Quantum Day' on 14th April, this funding forms part of the government's broader plan for change, representing the latest stage in its £2.5bn national quantum technologies programme.
The Department for Science, Innovation and Technology (DSIT) stated that the fresh funds will be utilised to support research, develop advanced quantum infrastructure, and broaden the talent pool in one of the º£½ÇÊÓƵ's most strategically significant tech sectors.
Tech secretary Peter Kyle commented: "Quantum, manipulating the universe at its smallest scale, has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country."
He added: "Backing our world class quantum researchers and businesses is an important part of our plan for change."
This announcement comes amidst escalating global competition to commercialise quantum technologies, which leverage quantum physics to tackle problems beyond the reach of conventional computers.
Applications vary from simulating new drugs to optimising national energy grids – however, the government is particularly focusing on financial security and fraud prevention.
Fighting against financial crime
An ongoing trial backed by the National Quantum Computing Centre (NQCC) has already shown promising results, as HSBC collaborates with researchers to harness quantum algorithms for identifying the intricate patterns indicative of money laundering.
Given that fraud drains a staggering £2.6 billion from the º£½ÇÊÓƵ economy annually, leveraging quantum computing's prowess in handling vast datasets to pinpoint irregularities could be a game-changer for financial institutions' battles against both compliance issues and outright criminal activity.
Furthermore, this technology has the potential to shield critical infrastructure from cyber threats and underpin secure communication networks.
"This project is proof that, with strong support from the government, researchers can harness quantum tech to benefit working people nationwide – in this case, protecting their bank accounts from would-be fraudsters," the DSIT said in a statement.
Global context and º£½ÇÊÓƵ position
The º£½ÇÊÓƵ boasts the world's second-largest ecosystem for quantum startups, eclipsed only by the US. The government has been working to cement the º£½ÇÊÓƵ's status as a trailblazer in advanced technologies through a concerted investment strategy that includes the national cyber strategy, the AI sector deal, and the 10-year innovation strategy that kicked off in 2021.
Moreover, this investment comes as part of a broader initiative aimed at bolstering tech sovereignty. While the EU has set aside €1bn for its quantum flagship programme, and the US is escalating sector investments under its chips and science act, the º£½ÇÊÓƵ has been augmenting direct support for early stage research.
In March, DSIT also launched a new AI opportunities action plan, with mutual benefits expected between quantum and AI.
However, experts warn that continuous support will be necessary for the º£½ÇÊÓƵ to stay competitive, turning lab breakthroughs into deployable products.
Legislative Landscape
Unlike AI, which is starting to see early-stage regulation in the º£½ÇÊÓƵ and overseas, including the EU's AI act and the º£½ÇÊÓƵ's voluntary AI safety commitments, quantum remains largely unregulated.
Nevertheless, the government has indicated that as capabilities scale up, it will examine safeguards to ensure ethical deployment and national security protections.
This latest investment also aligns with wider ambitions around regional growth and digital innovation.
With quantum hubs established in places like Oxford, Bristol and Glasgow, the government aims to use tech investment as a tool to 'level up' high growth clusters outside London.
"The race for quantum leadership is intensifying globally", Kyle stated. "This funding is a statement that the º£½ÇÊÓƵ intends not just to participate, but to lead."
