£121 million boost for quantum technology set to tackle fraud, prevent money laundering and drive growth
The UK government is investing £121 million in quantum technology to tackle crime, fraud, and money laundering, while reinforcing its global leadership in the field and driving economic savings.
- A new £121 million investment in quantum, a novel technology with huge potential, will bolster the UK’s world-leading research programmes
- Developing and rolling out quantum will bring a range of benefits to working people, including improved healthcare systems and boosted energy efficiency in the grid
- Areas such as crimefighting, tackling fraud and preventing money laundering will also benefit, putting more money in working people’s pockets and driving economic growth
- Investment will see more opportunities to create the next generation of quantum researchers through talent and skills schemes, supporting the government’s Plan for Change
Cutting-edge quantum technology is being put to work to deliver the government’s Plan for Change, with a new £121 million 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 (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 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.
Today’s investment is also giving the next generation of researchers to the opportunity to bring their ideas for health, cybersecurity and beyond to life. Their innovations, like quantum technologies for tackling fraud, could birth thousands of jobs and the businesses of tomorrow – supporting the government’s economic mission and the Plan for Change.
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 out of the lab and onto the marketplace. It sets the UK on the pathway to deliver its ambitious National Quantum Missions – our plan to make this tech deliver for the private and public sectors.
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.
Examples of use
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 economy £2.6 billion 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, that we are announcing today, 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, protecting their bank accounts from would-be fraudsters and sparing 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.
Notes to editors
Full breakdown of today’s investment:
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£46.1 million 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.
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£21 million 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 how we work and solve problems.
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£10.9 million for the National Physical Laboratory’s (NPL) quantum measurement programme to encourage more businesses to make full use of the technology
We’re also backing the next generation of leaders in quantum research to maintain the UK’s position as a pioneering nation in quantum technologies with:
£23.6 million in funding from EPSRC for the 5 research hubs announced last year, including a £3 million investment into training and skills programmes.
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£15.1 million being awarded to 11 Quantum Technology Career Acceleration Fellowships, by UKRI EPSRC, to find more real-world applications for quantum, from drug discovery to disease diagnostics
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£4.3 million from Science and Technology Facilities Council to back early- career researchers and Quantum- enabled apprenticeships.
Today’s announcement includes a round up of earlier investments from EPSRC and Innovate UK, including support for the 5 research hubs and the Quantum Missions Pilot competition, bringing the total commitment from the UK Government over the next 12 months to £121 million.
This announcement comes as the government marks World Quantum Day, an international initiative promoting awareness of the vast capabilities of quantum science and technology. 53 countries are hosting events, from research programmes to conferences.
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