{"id":618509,"date":"2023-03-16T09:49:08","date_gmt":"2023-03-16T14:49:08","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/16\/quantum-computing-sector-reacts-to-uks-new-2-5b-programme\/"},"modified":"2023-03-16T09:49:08","modified_gmt":"2023-03-16T14:49:08","slug":"quantum-computing-sector-reacts-to-uks-new-2-5b-programme","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/16\/quantum-computing-sector-reacts-to-uks-new-2-5b-programme\/","title":{"rendered":"Quantum computing sector reacts to UK\u2019s new \u00a32.5B programme"},"content":{"rendered":"
\n

The UK government has pledged to invest \u00a32.5bn in quantum computing<\/a> over the next 10 years, Chancellor Jeremy Hunt announced today.<\/span><\/p>\n

The programme forms part of the new Spring Budget, which aims to reduce inflation and the risk of a recession.\u00a0<\/span><\/p>\n

The British tech sector will play a central role in the plan. As part of a goal to make the UK a \u201cscience and technology superpower,\u201d Hunt wants to build a world-leading \u201cquantum-enabled economy\u201d by 2023. <\/span><\/span><\/p>\n

To create this, the government is more than doubling its previous funding commitment to the field. It aims to attract another \u00a31 billion in private financing.<\/span><\/span><\/p>\n

\n

\u201cThe next step is for UK VC funding to dramatically increase.<\/span><\/p>\n<\/blockquote>\n

The new programme aims to build on strong foundations. The UK currently ranks second in the world for both the number of quantum<\/a> companies and private investment in the sector.\u00a0<\/span><\/span><\/p>\n

Andrew Scott, a founder partner at 7% Ventures<\/a>, an early-stage fund that\u2019s backed British quantum startups<\/a>, said the new investment is \u201cvital for future UK prosperity.\u201d<\/p>\n

Scott echoed the government\u2019s call for further private sector financing.<\/p>\n

\u201cThe next critical step to support the Prime Minister\u2019s 10-year plan for the UK to become a \u2018tech superpower\u2019 is for UK VC funding to dramatically increase,\u201d he told TNW.<\/span><\/p>\n

In particular, Scott hopes for extensive growth in deeptech and later-stage Series A+ funding. To foster this, he wants regional pension funds to dedicate a percentage of their resources to deeptech VC investment.<\/span><\/p>\n

\u201cSomeone like the British Business Bank could manage and deploy to VC funds, much as they already do via the ECF<\/a> (Enterprise Capital Funds) and BPC<\/a> (British Patient Capital) programmes,\u201d Scott added.<\/span><\/p>\n

\"Quantum
Quantum Motion CEO James Palles-Dimmock (right) hopes the UK can attract top talent. Credit: Quantum Motion<\/figcaption><\/figure>\n

The government has also been advised to proceed with patience. Sebastian Weidt, the CEO of\u00a0Universal Quantum<\/a>, a University of Sussex spinout, said the funding needs a long-term vision.<\/p>\n

\u201cQuantum computing is a marathon, not a sprint,\u201d Weidt told TNW. \u201cTherefore, we need to support the broad range of very promising approaches to quantum computing we have access to across the UK. And we should avoid focusing just on the short term.\u201d<\/span><\/p>\n

To support this, the government has made a variety of pledges<\/a> around research and upskilling.<\/p>\n

\n

\u201cI\u2019m keen to see how we can continue to welcome the world\u2019s best talent.<\/p>\n<\/blockquote>\n

In addition, the plan contains a series of commitments to international collaboration. They include funding for R&D partnerships with other countries, as well as promises to attract and support\u00a0talent and companies from overseas.<\/span><\/p>\n

James Palles-Dimmock, CEO of <\/span>Quantum Motion<\/span><\/a>, which recently raised a UK-record \u00a342 million<\/a>, insists that the capacity to work\u00a0across borders is essential to the sector.<\/span><\/p>\n

\u201cManufacturing and talent are two key areas where the gains to be made from collaborative working significantly outweigh the risks,\u201d he said. \u201cAnd <\/span>I will be keen to see how we can continue to welcome the best of the world\u2019s talent to the UK to allow us to continue to accelerate the realisation of these enabling technologies.\u201d<\/span><\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Thomas Macaulay<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK government has pledged to invest \u00a32.5bn in quantum computing over the next 10 years, Chancellor Jeremy Hunt announced today. The programme forms part of the new Spring Budget, which aims to reduce inflation and the risk of a recession.\u00a0 The British tech sector will play a central role in the plan. As part<\/p>\n","protected":false},"author":1,"featured_media":618510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4442,2533,46],"tags":[],"class_list":{"0":"post-618509","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-computing","8":"category-quantum","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=618509"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/618510"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=618509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=618509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=618509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}