The UK government has announced a £121 million investment in quantum technology to strengthen its position as a global leader in emerging technologies
Timed to coincide with World Quantum Day on April 14, the funding aims to accelerate quantum research and innovation, focusing on tackling crime, fraud, and money laundering.
Investing in quantum research and innovation
Quantum technology, which uses the properties of subatomic particles to power next-generation computing and sensing systems, is expected to deliver big economic and societal benefits.
By helping identify complex fraud patterns and improve security systems, quantum tools are set to save the UK economy billions of pounds and provide stronger financial protection for the public.
This investment forms part of the UK’s wider “Plan for Change” and builds on the National Quantum Technologies Programme. The goal is to support research and bring quantum solutions out of the lab and into real-world applications across both the public and private sectors.
Quantum technology to combat financial crime
A key focus of the investment is combating financial crime, including fraud and money laundering, which cost the UK economy an estimated £2.6 billion annually.
One of the major projects involves collaboration between HSBC and the National Quantum Computing Centre (NQCC), where specialists explore how quantum systems can detect early signs of illicit financial activity by analysing vast and complex data sets.
As well as its anti-crime potential, quantum technology offers promising solutions in healthcare, energy efficiency, cybersecurity, and more. The government hopes this initiative will create jobs, develop new businesses, and bring technological breakthroughs across various sectors.
Driving economic growth through innovation
The UK currently has the world’s second-largest community of quantum companies, behind only the United States. This latest investment is designed to keep the country at the forefront of quantum innovation while preparing a new generation of scientists and engineers to lead the way.
The £121 million will be distributed across several major initiatives. These include £46.1 million through Innovate UK to accelerate the commercial deployment of quantum technologies in computing, communications, and sensing. Another £21 million will support continued work at the National Quantum Computing Centre, including its ongoing testbed programme and partnerships with the Quantum Software Lab.
The National Physical Laboratory (NPL) will receive £10.9 million to help businesses fully use quantum measurement technologies. Meanwhile, the Engineering and Physical Sciences Research Council (EPSRC) will invest £23.6 million to support five quantum research hubs and training schemes to grow the UK’s talent pipeline in the field.
A further £15.1 million will fund 11 Quantum Technology Career Acceleration Fellowships, supporting real-world applications ranging from drug discovery to diagnostics.
£4.3 million will also go towards early-career researchers and apprenticeships through the Science and Technology Facilities Council.
Investing in infrastructure and people, the initiative aims to build a resilient, innovation-led economy that uses cutting-edge science to solve real-world problems.
