UK Finance calls on government to form new quantum computing taskforce
UK Finance, a trade association representing more than 300 firms across the finance and banking industry, has called on the UK government to establish a new taskforce to explore the “multibillion-pound opportunities” of a quantum-enabled economy.
UK Finance calls for quantum computing taskforce
The association has recommended the formation of a quantum computing taskforce to monitor the advancement and integration of quantum computing solutions, as well as a quantum safe taskforce to develop and implement ‘quantum safe’ transformation strategies across the financial sector.
The call forms part of two new reports published by the association, titled Quantum Risks and Quantum Opportunities respectively, which together highlight the benefits and pitfalls that arise at the intersection of quantum computing and financial services.
The reports note enhanced risk analysis capabilities, compliance processes and sensitive data security as some of the leading benefits, while lack of quantum talent, the potential environmental impact and the powers of a cryptographically relevant quantum computer (CRQC) are all highlighted as potential risks.
These realisations form the basis of a series of recommendations put forward by the association, including the formation of the two dedicated taskforces. UK Finance is also recommending more focus on key areas that would allow the safe adoption of quantum computing in finance.
Chief among these are calls to better understand the technology’s global standing, to stimulate the UK’s quantum workforce, to develop targeted sectoral roadmaps for national infrastructure and to encourage firms to invest in quantum computing education.
Speaking on the recommendations, Jana Mackintosh, MD of payments, innovation and resilience at UK Finance, says that although quantum computing “represents a multibillion-pound opportunity”, both the government and the financial services industry “cannot ignore the risks”.
For Mackintosh, one of the most immediate risks would be the ascent of a CRQC, which she says “could break the encryption underpinning all payments and electronic commerce”.
“We must be ready,” she says. “Industry and government must work together now to secure the financial services industry against these threats, and put the UK at the head of the pack to seize the opportunities.”
The UK government released a 10-year, £2.5 billion national quantum strategy in March in a bid to “fund new frontiers of quantum research, support and develop our growing quantum sector and prepare our wider economy for the quantum revolution”.
