The total investment through the National Quantum Technologies Programme (www.uknqt.epsrc.ac.uk) since its inception in 2014 is about to pass £1 billion. The programme has secured the UK’s status as a world leader in quantum science and technologies, keeping pace with the USA and China.

The milestone comes as the Government confirms a £153 million funding boost through the Industrial Strategy Challenge Fund; this has been more than matched by industry, with over £200 million of investment expected from the private sector.

As a result, industry spending on quantum research and development through the fund will overtake Government investment for the first time, showing that “business has confidence in the commercial potential of the UK’s world-leading research”.

Science Minister Chris Skidmore said: “This milestone shows that Quantum is no longer an experimental science for the UK.

"Investment by Government and businesses is paying off, as we become one of the world’s leading nations for quantum science and technologies.

"Quantum technologies could easily solve problems that would stump any existing supercomputer and tackle challenges that we can’t meet any other way.

"Examples include simulating molecules to transform drug discovery to treat diseases, using sensors to see round corners and through walls, and helping engineers to detect scentless and invisible gas leaks.”

UK Research and Innovation chief executive Mark Walport said: “The UK is a world leader in quantum technologies. The funding announced today builds on the great progress we have made and lays the foundations for a quantum technology industry here in the UK. It will ensure that we remain at the forefront of this exciting and evolving field, and that we realise its potential.

"A new programme board will be set up in the coming months, alongside an expert advisory group to set the strategy for the next phase of the National Quantum Technologies Programme, looking at developing technologies and identifying market opportunities.”