The government has announced £121 million for quantum technology in a bid to tackle crime, fraud and money laundering.

Announced on World Quantum Day on the 14th April, the funding will be made available over the next year to expand the use of the technology.

The funding is part of the UK’s National Quantum Technologies Programme: which sets out the long-term effort to back early-stage research, and support getting quantum technologies out of the lab and onto the marketplace.

£46.1 million will be invested through Innovate UK to accelerate the deployment of quantum technology across a range of sectors, including computing, networking, PNT (position, navigation and timing) and sensing.

There's £21.1 million to further the work of the National Quantum Computing Centre, including their testbed programme with Innovate UK, with support from the Quantum Software Lab to accelerate the discovery of more ways that quantum can overhaul how we work and solve problems.

There's also £10.9 million for the National Physical Laboratory’s (NPL) quantum measurement programme to encourage more businesses to make full use of the technology.

Secretary of state for science and technology, Peter Kyle said: "Quantum - manipulating the universe at its smallest scale - has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country – stopping fraudsters in their tracks, protecting our bank accounts and more.

"Backing our world-class quantum researchers and businesses is an important part of our Plan for Change.  

"The UK is home to the second largest community of quantum businesses in the world and this investment means they can go further paving the way for new quantum tools and products that make our lives easier, fuel growth, and help us tackle the great challenges of our era."