UK Government invests £121m in cutting-edge tech to fight fraud and boost growth

Cutting-edge quantum technology will receive a £121 million boost from the UK Government as researchers look for ways to fight fraud and money laundering.

Technology Secretary Peter Kyle announced the investment on Monday, World Quantum Day, saying it “has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country”.

The money, which will be made available over the next year, is intended to fund research into health, cybersecurity and tackling fraud, as well as provide opportunities for the next generation of quantum researchers.

Particles

Quantum technology involves using the universe’s smallest particles to build more powerful computers that can deal with complex problems.

Mr Kyle said: “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 Government has already made advanced technologies a significant part of its plans to improve the British economy, including a large bet on the artificial intelligence (AI) sector.

Monday’s investment includes £46.1 million to accelerate deployment of quantum computing across a range of sectors, £21.1 million in additional funding for the National Quantum Computing Centre, and £10.9 million for the National Physical Laboratory’s quantum measurement programme to encourage more businesses to use the technology.

There will also be money for quantum research hubs and early-career quantum researchers.