The UK government is expected to a decade-long £2.5 billion funding program to support quantum computing in the country, according to the Financial Times.
The program will help the UK, already a leader in quantum, remain competitive in the rapidly emerging and increasingly competitive global quantum computing race.
The funding more than doubles that of the present £1 billion National Quantum Technologies Programme, according to UKTN. Last year, Innovate UK announced a £500,000 investment dedicated towards quantum startups.
FT also reports that the National Quantum Computing Centre on the Harwell Campus, is integral to the program, but support will be distributed around the country to create a “future network of research hubs”.
According to TQI’s Intelligence Platform, the UK is a leader in quantum innovation in Europe with a strong quantum ecosystem. UK quantum startups are increasingly attracting private investments. Quantum Motion raised over £42 million in equity funding recently, one of the largest funding efforts by a UK quantum startup.
“We’re extremely pleased to see the UK government’s commitment to quantum,” said Steve Metcalfe, chief executive of Quantum Exponential, a London-based quantum investment company, told the Financial Times. “To create a market, we need a joined-up approach between government and the investment community, which includes areas such as pension funds to ensure that there’s the level of start-up investment needed — and that ultimately, the UK plays a pivotal role in the acceleration and commercialisation of the industry.”
Richard Murray, co-founder and CEO of Orca Computing also weighed in on the expected announcement.
“The UK is a hotbed for quantum innovation, and we now really have the chance to break through commercially and develop quantum technologies further into practical uses, particularly in computing where we are already strong,” Murray told FT.
The Plan for Quantum will also address adding qualified scientists and engineers to the quantum workforce, which faces a severe shortage of trained workers.