Quantum Computing Could Add $264B to UK EconomyQuantum Computing Could Add $264B to UK Economy

IBM and Oxford Quantum Circuits have released a report predicting that quantum computing could boost U.K. productivity by up to 7% by 2045.

This could translate to an increase of $264 billion in gross domestic product, which equates to approximately $9,400 per household. These gains could be realized as early as 2034, with productivity improvements reaching up to 8% by 2055.

The report, Ensuring That the U.K. Can Capture the Benefits of Quantum Computing, was produced by the economics advisory firm Oxford Economics to examine the potential economic impact of quantum computing on the U.K. economy.

The report emphasizes the importance of government support in maintaining the U.K.'s leading position in quantum computing. Despite having the most significant number of quantum startups in Europe, U.K. quantum hardware companies receive ten times less funding per company than their counterparts in France and Australia. This funding disparity risks the U.K.'s global leadership in the field.

It also highlights that quantum computing could create up to 148,100 jobs in the U.K. by 2055, with only 24% within the sector itself. Industries such as pharmaceuticals, energy, defense and financial services are expected to benefit significantly from advancements in quantum technologies.

Related:IBM Reports $1B in Cumulative Quantum Computing Revenue

Opening the report launch event this week, Hannah Boardman, director for emerging technologies at the U.K. Department for Science, Innovation and Technology, said: "We've demonstrated the U.K.'s dedication to exploring applications and to upskilling users through the NQCC SPARQ program, increasing the accessibility of compute through the recently announced Quantum Computing Access Program, which provides access to quantum computing resources for the U.K. quantum computing user community for research, skill development and application development."

Boardman said the U.K. Government's National Quantum Mission Statement aims to develop a useful quantum computer by 2035 and focuses on sectors including advanced manufacturing, energy and life sciences. It also aims to bring together high-performance computing, quantum computing and AI, which are all acting as catalytic forces to enable quantum computing industry growth.

"As we continue to develop our plans for the missions and for the wider program and the next phase of that national program, it's really important that we have a better understanding of the specific opportunities for quantum computing in the U.K. and how they underpin impactful policy development so that we can make to ensure that we realize in full the U.K.'s potential," Boardman said.

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