The UK government has announced a groundbreaking £121 million investment in quantum technology to tackle major challenges such as crimefighting, fraud detection, and money laundering prevention.
This substantial funding, unveiled on World Quantum Day, aims to expand the use of quantum technology over the next year, leveraging the properties of the universe's smallest particles to build ultra-powerful computers and sensors.
Quantum technology's unique ability to analyse complex data and detect subtle patterns is already being harnessed to combat fraud, which costs the UK economy £2.6 billion annually. Quantum specialists at HSBC bank, in collaboration with government-backed partners like the National Quantum Computing Centre (NQCC), are exploring ways to use quantum technology to identify indicators of anti-money laundering.
This investment is part of the UK's National Quantum Technologies Programme, which supports early-stage research and aims to bring quantum technologies from the lab to the marketplace. The programme sets the UK on a path to deliver its ambitious National Quantum Missions, ensuring quantum technology benefits both the private and public sectors.
Science and Technology Secretary, Peter Kyle, said:
“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 – stopping fraudsters in their tracks, protecting our bank accounts and more.
“Backing our world-class quantum researchers and businesses is an important part of our Plan for Change.
“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.”
Today's funding also provides opportunities for the next generation of researchers to develop innovative solutions for health, cybersecurity, and beyond. These advancements could create thousands of jobs and new businesses, supporting the government's economic mission and the Plan for Change.
The UK quantum sector is world-leading, home to the second-largest community of quantum companies globally, behind only the US. This investment reinforces the government's commitment to unleashing economic growth across the country by leveraging breakthrough technologies like quantum.
With strong government support, researchers can harness quantum technologies to protect working people nationwide, safeguarding their bank accounts from fraudsters and saving them time and heartache. This initiative builds on commitments such as the AI Opportunities Action Plan, further benefiting the UK's quantum innovators.
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