Quantum computing secotr responds to UK’s new £2.5bn strategy

The UK government has pledged to invest £2.5 billion in quantum computing over the next 10 years, Chancellor Jeremy Hunt announced today.

The plan forms part of a new spring budget aimed at reducing inflation and the risk of recession.

Britain’s tech sector will play a central role in the plan. As part of its aim to make the UK a ‘science and technology superpower’, Hunt wants to build a world-leading “quantum economy” by 2023.

To create this, the government is more than doubling previous funding commitments to the sector. It aims to attract a further £1bn of private funding.

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“It’s the next step For the dramatic increase in UK VC funding.

The new program aims to build on solid foundations. The UK currently ranks second in the world in both the number of quantum companies and private investment in the sector.

Andrew Scott, founding partner of 7% Ventures, an early-stage fund that backs UK quantum startups, said the new investment was “vital to the UK’s future prosperity”.

Scott responded to the government’s call for further funding for the private sector.

The next important step to support the Prime Minister’s 10-year plan for the UK to become a ‘tech superpower’ is a dramatic increase in UK VC funding,” he told TNW.

In particular, Scott hopes for a significant increase in deep technology and subsequent rounds of Series A+ funding. To facilitate this, he wants regional pension funds to commit a percentage of their resources to Deeptech VC investments.

“Someone like the British Business Bank could manage and deploy VC funds, as they already do with the ECF (Enterprise Capital Funds) and BPC (British Patient Capital) programs,” Scott added.

Quantum Motion CEO and Co-Founder Dilution Cooler