A new £121 million investment into quantum technology is being made by the UK Government to help tackle challenges including crimefighting, spotting the first signs of fraud, and halting money laundering.

To coincide with World Quantum Day today (Monday 14 April), the funding is being made available over the next year to expand the use of the tech, which uses the properties of the universe’s smallest particles to build ultra-powerful computers and sensors.

Today’s investment is also supporting quantum researchers with the opportunity to bring their ideas for health, cybersecurity, and beyond to life. Their innovations, like quantum tech for fraud, could result in thousands of jobs and the businesses of tomorrow, supporting the government’s economic mission and its 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 tech out of the lab and onto the marketplace.

Quantum is already being used in instances like tackling fraud, one of the biggest challenges facing society and 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 government said that the project, which has strong support from government, is proof that researchers can harness quantum technologies to benefit working people nationwide; in this case, protecting bank accounts from would-be fraudsters.

Recommended reading

• Heriot-Watt Launches New UK Quantum Hub
• NCSC Issues Quantum Security Roadmap For Businesses
• Financial Services Under Quantum Threat, Warns Europol

Peter Kyle, secretary of state for science and technology, 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.”

As it stands, the UK quantum sector is home to the second largest community of quantum companies globally, behind only the US.