Finance
UK's reeves to pledge 1 billion pounds for quantum procurement
Published by Global Banking & Finance Review®
Posted on March 16, 2026
2 min readLast updated: March 16, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 16, 2026
2 min readLast updated: March 16, 2026
UK Finance Minister Rachel Reeves commits up to £1 billion for quantum computer procurement, part of a broader £2 billion quantum upgrade strategy plus a £500 million Sovereign AI Fund launching in April.
LONDON, March 16 (Reuters) - British finance minister Rachel Reeves said on Monday the government would spend up to 1 billion pounds ($1.33 billion) on powerful quantum computers to help develop the quantum sector and boost the wider economy.
The new procurement programme is part of a 2 billion-pound plan to upgrade Britain's quantum capability, including 1 billion pounds of previously announced spending, the finance ministry said.
Quantum computers are capable of working on multiple possible solutions simultaneously and can speed up innovation in areas such as medical diagnostics, greenhouse gas monitoring, and secure communications.
Reeves and Prime Minister Keir Starmer told voters before the 2024 election that they would accelerate Britain's slow economy. But so far growth has remained weak and could be hit by fallout from the conflict in the Middle East.
Reeves was due to say in a speech on Tuesday in the City of London financial district that a 500 million-pound "Sovereign AI Fund," which was announced last year, would be launched in April to help British artificial intelligence firms.
She would also say that closer ties with Europe and stronger regional growth were central to the government's strategy along with its tech push, the finance ministry said.
Starmer wants to reduce post-Brexit barriers to trade and cooperation with the European Union. But he has ruled out joining the EU's single market, limiting talks to areas such as rules for businesses and freer movement for young people.
($1 = 0.7514 pounds)
(Writing by William Schomberg; editing by William James)
The UK government is pledging up to £1 billion for quantum computer procurement as part of a larger £2 billion plan.
The investment aims to develop the quantum sector, boost the wider UK economy, and accelerate technological innovation.
A £500 million Sovereign AI Fund will launch in April to support British artificial intelligence firms.
Quantum computers can advance innovation in medical diagnostics, greenhouse gas monitoring, and secure communications.
UK finance minister Rachel Reeves made the announcement, supported by Prime Minister Keir Starmer.
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