UK’s quantum computing sector is at a critical crossroad, facing potential declines without sufficient funding.
- Co-founders of Phasecraft express concerns over government withdrawal of £1.3 billion funding.
- The UK risks falling behind the US and China in quantum computing capabilities.
- Funding cuts could hinder the UK’s competitive edge in a rapidly advancing industry.
- The UK government reaffirms its commitment with new investments despite cuts.
The UK’s quantum computing sector is currently at a crucial juncture, as highlighted by the founders of Phasecraft. Ashley Montanaro and Toby Cubitt, from a firm originating from University College London and the University of Bristol, have raised alarms over the withdrawal of £1.3 billion in expected government funding, which could severely impact technological and AI project developments.
As venture capital investments in quantum computing wane, experts are increasingly worried about the UK’s ability to maintain pace with the progress seen in the United States and China. Toby Cubitt, the Chief Technology Officer at Phasecraft, noted that leading countries in the quantum race will enjoy technical, commercial, and manufacturing benefits, while others may find themselves dependent on international goodwill to access advancements.
According to Ashley Montanaro, CEO of Phasecraft, government support is the most significant source of funding for start-ups in this sector. Furthermore, both the United States and China have recognised the immense potential of quantum computing and continue to invest heavily, thus solidifying their positions as leaders in this field.
Phasecraft, which was established in 2019 and focuses on advancing quantum algorithms, has successfully obtained $21 million in funding and has recently expanded its operations to the United States. This move aims to harness global talent, exemplified by the recruitment of Steve Flammia, a former principal research scientist at Amazon Web Services.
In a joint paper, Montanaro and Cubitt have urged the UK government to uphold its investments in the quantum computing field until it reaches self-sustainability. They warned that failing to do so could erode the UK’s competitive position and highlighted the need for policies that encourage, rather than restrict, international cooperation.
Quantum computing presents transformative potential for sectors like drug discovery, materials science, and energy optimisation. According to McKinsey, it could generate significant economic benefits, estimated to reach up to $2 trillion globally by 2035, with approximately $1.3 trillion coming from quantum computing alone.
Despite the funding cuts, the UK government has reiterated its commitment to the quantum sector. Recently, it announced an allocation of £100 million for new research hubs, including a quantum computing centre at the University of Oxford, demonstrating a long-term commitment to maintaining the UK’s innovative edge.
The UK’s quantum computing sector must navigate funding challenges to sustain its competitive edge internationally.
