Quantum Computing could boost UK productivity and GDP growth, but government support is crucial
New research from Oxford Economics, published today, predicts that quantum computing could give the UK an economy-wide productivity boost of up to 7% by 2045 – equivalent to an addition of up to £212 billion to the UK’s GDP. However, the report finds that increased government support for the sector will be crucial for the UK to realise the benefits of quantum computing and remain globally competitive in the field.
The modelling also predicts that if quantum computing becomes commercially viable earlier, by 2029, the UK could see an economy-wide productivity increase of up to 8% by 2040, adding more than £200 billion to national GDP.
Current UK government (quantum hardware) funding is more than 10 times smaller than peer nations. With global investment in quantum technologies increasing at a rapid rate, the UK risks losing its initial advantage in quantum and the potential benefits available in the future.”.
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