According to Cointelegraph, the UK recently canceled its $1.7 billion commitment to promote cutting-edge technologies such as artificial intelligence and quantum computing. Industry insiders said the move could stifle innovation and force startups to consider foreign investment options.

The funding, promised by Conservative leaders less than a year ago, was cancelled in early August, with reaction from the tech community almost unanimously negative. The change in policy direction came after Labour won the election in June.

There are four major centers of quantum technology in the world: China, the European Union, the United Kingdom, and the United States. Many start-ups in the UK quantum technology industry are university spin-offs, such as Oxford and Cambridge University.

As of June 2023, there are at least 51 quantum technology start-ups in the UK, including well-known companies such as Oxford Quantum Circuits, Cambridge Quantum Computing, and PsiQuantum.

After the Labour Party canceled the investment, the industry was worried that companies in the UK quantum industry would turn to the United States and other places. Ashley Montanaro, co-founder of Phasecraft, said that more and more companies are setting up offices internationally to seek better support and opportunities.