Quantum Technology

Lord Fox Excerpts

Tuesday 24th February 2026 Lords Chamber

[Lord Vallance of Balham (Lab)]

The first thing to say is that I think AI and quantum will come together, so the two technologies will be extremely powerful. We commissioned some work from the Regulatory Horizons Council, which has produced the world’s first approach to regulating quantum, very much in the line of regulating use, not the development of the technologies. That has led to a series of fora where regulators are getting together to discuss this. It is something that we are at the leading edge of, but it is very early days for knowing exactly what that regulation should look like. I am sure this House will have many views on that subject.

[Lord Fox (LD)]

My Lords, I think we have been lulled to some extent by the fact that quantum has taken a long time to get to this point. The Minister replied to the noble Lord, Lord Holmes, that money has been accelerated from £1 billion over 10 years to over four years, but does he not recognise that the rate of progress has accelerated even further? Should the Government not go back and look again at even more acceleration? If not, we will be passed.

[Lord Vallance of Balham (Lab)]

I can assure the noble Lord that I look at that every day. I am looking at ways to make sure we unlock more private sector capital to get this acceleration. This is at a stage where these companies need to grow as private sector companies. We need to help that. We need to unlock the masses more capital than government could or should give to make that happen.