UK quantum computing in line for £2.5bn funding boost
The government is expected to double down on its support of the quantum computing sector with a £2.5bn investment programme.
The quantum plan, which will be over the course of 10 years, is a major boost from the £1bn programme revealed as part of the UK quantum strategy in February 2022 under former Prime Minister Boris Johnson.
As reported by the Financial Times, the new quantum programme will be announced by Chancellor Jeremy Hunt in tomorrow’s Spring Statement.
The National Quantum Computing Centre is expected to be a key part of the government programme.
“The government’s plan to solidify the UK’s place as a global science and technology superpower by 2030 is to be applauded,” said Ekaterina Almasque, general partner at OpenOcean.
“If the UK is to hit this target, it will be critical to capitalise on the UK’s world-leading institutions, tech start-ups, and legacy of innovation in fields like quantum computing and AI.”
Almasque added: “The UK government is correct to highlight that, beyond a broad blanket of funding, our domestic startup ecosystem also needs grassroots support.
“By financing innovative science and technology start-ups and companies, we can go beyond building successful companies and industries – we can build a successful ecosystem.”
Last month, London’s Quantum Motion raised £42m, beating Oxford Quantum Circuits’ £38m fundraise to become the largest-ever funding round for a UK-based quantum computing startup.
Quantum computers use subatomic particles that can exist in more than one state, which means they can carry out multiple calculations at once compared to the linear calculations of classical computers.
Startups and large enterprises like Google and IBM are competing to develop quantum computers that are stable and free from error.