Investment hits a £1 billion milestone, showing the government’s modern Industrial Strategy is helping the UK lead the world in new technologies.
Experimental quantum science is set to become a commercial reality through planned joint government and industry investment of over £350 million, taking projects from research stage to product testing.
Total investment through the National Quantum Technologies Programme will pass a major £1 billion investment milestone since its inception in 2014. The investment has secured the UK’s status as a world-leader in quantum science and technologies, keeping pace with the US and China.
The milestone comes as government confirms a £153 million funding boost through the Industrial Strategy Challenge Fund. This has been more than matched by industry, with over £200 million of investment expected from the private sector.
Industry spending on quantum research and development through the fund will overtake government investment for the first time – showing business is confident in the commercial potential of the UK’s world-leading research. This milestone shows the UK is moving in the right direction towards our target in the modern Industrial Strategy to invest 2.4% of GDP in research and development by 2027.