Cutting-edge quantum technology is being put to work with a new £121m UK investment to help tackle challenges, including crimefighting, spotting the first signs of fraud and halting money laundering, which could save billions for the economy.
To coincide with World Quantum Day today, the funding is being made available over the next year to expand the use of quantum technology, which uses the properties of the Universe’s smallest particles to build ultra-powerful computers and sensors.
This will further secure the UK’s position as a world leader in quantum as part of the government’s long-term commitment to the sector.
Commercialising new quantum 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 technology out of the lab and into the marketplace.
It sets the UK on the pathway to deliver its ambitious 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 explained: “Quantum technology 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.
“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.”
Quantum applications in critical industries
The technology is already being harnessed by using quantum computing’s unique ability to analyse complex data and detect subtle patterns to tackle fraud, one of the biggest challenges facing society, which currently costs the UK economy £2.6bn each year.
Quantum specialists at HSBC bank have been working with government-backed partners like the National Quantum Computing Centre (NQCC) to find ways quantum can be used to identify the indicators of anti-money laundering. The support for the NQCC and other cutting-edge facilities across the UK is making this research possible.
This project is proof that, with strong support from the government, researchers can harness quantum technologies to benefit working people nationwide. In this case, it would protect their bank accounts from would-be fraudsters and spare them the lost time and heartache this crime can cause.
The UK quantum sector is world-leading and home to the second-largest community of quantum companies globally, behind only the US.
This investment is the latest drive to deliver the government’s goal to unleash economic growth across the country as part of the Plan for Change by leveraging the potential for breakthrough technologies like quantum to deliver new products, create new businesses, and support high-skill jobs.
It builds on commitments such as the AI Opportunities Action Plan, which will also benefit the UK’s quantum innovators.
