The UK Government has made a fresh £121m investment into quantum technology 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 (Monday 14 April), 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.
This is in an attempt to further secure the UK’s position as a world-leader in quantum as part of the government’s long-term commitment to the sector and its Plan for Change.
It comes as 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 out of the lab and onto the marketplace.
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Secretary of State for Science and Technology, 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.”
The technology is already being harnessed by using quantum computing’s unique ability to analyse complex data and detect subtle patterns to tackle fraud.
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 UK quantum sector is home to the second largest community of quantum companies globally, behind only the US and this investment is the latest drive to deliver economic growth.