On Monday 14 April, the UK government unveiled plans to invest £121million in quantum technology as part of plans to crack down on crime, fraud, and money laundering.
In a release, the UK government explained that it believes that developing and rolling out quantum will bring a range of benefits to working people, including improved healthcare systems and boosted energy efficiency in the grid, alongside bolstering the UK’s world-leading research programmes.
It also says that by supporting efforts to tackle fraud and prevent money laundering, working people will benefit, putting more money in their pockets and driving economic growth – through efforts that could save the economy billions.
The government will make the £121million in funding available over the coming year to expand the use of quantum technology, which uses the properties of the universe’s smallest particles to build powerful computers and sensors.
“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,” explained Peter Kyle, Secretary of State for Science and Technology.
“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.”
Using quantum to tackle fraud in the UK
Quantum technology is already being leveraged by HSBC, where quantum specialists are working alongside government-backed partners like the National Quantum Computing Centre (NQCC) to find ways of using quantum to identify the indicators of anti-money laundering.
The government says that this project proves that, alongside government support, researchers can harness quantum technologies to benefit working people, nationwide – in this case, protecting their bank accounts from would-be fraudsters and sparing them the lost time and heartache this crime causes.
Of the £121million investment, £46.1million will go through Innovate UK to accelerate the deployment of quantum technology across a range of sectors, including computing, networking, PNT (position, navigation and timing) and sensing.
Elsewhere, £21million will go towards further the work of the NQCC, including its testbed programme with Innovate UK, with support from the Quantum Software Lab to accelerate the discovery of more ways that quantum can overhaul how we work and solve problems. £10.9million will also support the National Physical Laboratory’s quantum measurement programme to encourage more businesses to make full use of the technology.
The remainder of the investment is spread across five research hubs, 11 Quantum Technology Career Acceleration Fellowships, and the Science and Technology Facilities Council to back early- career researchers and quantum-enabled apprenticeships.
Still a pipe dream?
“Research and development in quantum computing is accelerating with growing investment based on the potential benefits of quantum computing to industries like financial services, however, the technology is still not accessible, usable or economically viable for commercial use,” explained David Sewell, CTO at digital transformation consulting firm Synechron, in reaction to the funding announcement.
“The availability of quantum computing technology could significantly transform machine learning applications in financial services. Quantum computers can process large datasets much faster than classical computers, enhancing the capabilities of machine learning algorithms. This advancement would allow banks to analyse real-time data for better decision-making, risk assessment, and fraud detection. Quantum algorithms can potentially tackle complex optimisation and high-dimensional data challenges, benefiting areas like portfolio optimisation and credit scoring. They could enable banks to simulate diverse market scenarios, improving risk understanding and stress testing.
“Additionally, quantum machine learning could enhance predictive models for market trends and customer behaviour, supporting personalised financial products and services. By analysing complex data patterns, banks can better anticipate customer actions, fostering loyalty and engagement, while also improving compliance monitoring to meet regulatory requirements.”
