Major UK banks and mobile networks preparing for quantum computers
Key Points
- The government has formed the Quantum Growth Alliance with ten major companies, including HSBC, Barclays, Standard Chartered, BT, Vodafone, GSK, BP, Rolls-Royce, BAE Systems and QinetiQ.
- Science Minister Lord Vallance announced the alliance at London Tech Week on 9 June 2026.
- The group will plan for industry adoption of quantum computing ahead of commercial-scale machines becoming available.
- The government has committed £1.2 billion to procure scaled quantum computers in a future spending review, with a further £12 million funding pool for hybrid quantum algorithms due this week.
- Quantum is one of six frontier technologies in the digital and technology sector plan, which has received £4 billion in investment since June 2025.
HSBC, Barclays, Vodafone and BT are among ten major companies joining a new government-backed alliance to prepare British industry for quantum computing.
Science Minister Lord Vallance announced the formation of the Quantum Growth Alliance in a speech at London Tech Week on Tuesday (9 June).
The alliance brings together industry partners from financial services, life sciences, energy, defence and telecoms. Founding members include HSBC, Barclays, Standard Chartered, GSK, BP, Rolls-Royce, BAE Systems, BT, Vodafone and QinetiQ.
Lord Vallance said the group met for the first time last week and will operate as a working partnership to set out plans for quantum adoption across UK industry.
“It’s early because we don’t yet have scale quantum computers, but we will have, and we need to make sure that we create that demand signal so that people know what the potential customer base is here in the UK,” he said.
Quantum computers use the principles of quantum mechanics to perform certain calculations far faster than conventional computers. The technology remains in development, but governments and major companies are investing heavily in anticipation of commercial-scale machines.
For banks and telecoms operators, quantum computing carries both opportunity and risk. The technology could transform areas such as fraud detection, risk modelling and network optimisation, but sufficiently powerful quantum computers could also break the encryption that currently protects online banking and communications.
The alliance forms part of a wider government push on quantum technology. Lord Vallance pointed to a £1.2 billion commitment to procure scaled quantum computers in a future spending review, which he described as a way of signalling to companies that the UK will be a customer for the technology.
The government will also announce a £12 million funding pool later this week for hybrid quantum computing algorithms, linking conventional computing, quantum systems and AI applications.
Lord Vallance said quantum technologies will support breakthroughs in drug discovery, sustainable materials, diagnostics and satellite-independent navigation, alongside sovereign timing and situational awareness across critical infrastructure.
The minister said the goal is to build a national capability that supports UK businesses and exports, with industry adoption forming the final piece of a strategy spanning research funding, regulation, skills and procurement.
Quantum is one of six frontier technologies in the government’s digital and technology sector plan, alongside AI, cybersecurity, engineering biology, semiconductors and advanced connectivity. The government has invested £4 billion across the six areas since publishing the plan in June 2025.
