TIDMQBIT
RNS Number : 1422T
Quantum Exponential Group PLC
16 March 2023
16 March 2023
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
UK Spring Budget 2023
Quantum Exponential Group plc (AQSE: QBIT), a company focused on
investing in quantum technology, is pleased to note Jeremy Hunt,
the UK's Chancellor of the Exchequer's commitment to the UK's
technology sector and quantum computing. As part of the Spring
Budget, Mr Hunt announced a new "Plan for Quantum", and a
commitment to invest approximately GBP2.5 billion over 10 years in
the sector in a bid to make the UK a world leading quantum enabled
economy by 2033.
Quantum Exponential welcomes this initiative as the Company
believes that quantum technology is a critical area of investment
for the future of the UK economy.
Highlights of the Plan for Quantum
-- UK government committed to investing a total of GBP2.5
billion over 10 years, double the amount that was previously
promised to the sector. The focus of the funding over the next
decade is on four goals:
o Ensuring the UK is home to world-leading quantum science and
engineering
o Supporting businesses through innovation funding opportunities
and by providing access to world-leading R&D facilities
o Driving the use of quantum technologies in the UK
o Creating a national and international regulatory framework
-- An extension to the British Patient Capital for a further 10
years, while increasing its focus on R&D-intensive industries,
ringfencing at least GBP3bn in investment for them.
-- Inviting feedback on the design of a "Long-term Investment
for Technology and Science (LIFTS) initiative" to create new
investment vehicles for funding science and tech companies,
tailored to the needs of defined contribution pension schemes.
-- Plans to open a consultation on transferring the Local
Government Pension Scheme's GBP364bn assets into pools to support
increased investment in tech companies.
Commenting on the Chancellors Spring Budget, CEO of Quantum
Exponential Group, Steven Metcalfe said :
" The clear commitment to quantum computing, outlined by Jeremy
Hunt, the Chancellor of the Exchequer in yesterday's Spring Budget
is well received. As an investment company, whose ethos is to fund
innovative companies that are using quantum technology to solve so
many of today's problems, we know only too well just how
transformational quantum technology will be in the future.
"We believe we are the only UK listed investment company
providing shareholders the opportunity to invest in a range of
quantum driven businesses. Government endorsement and recognition
of the potential of quantum will undoubtedly increase investor
appetite and encourage UK companies to strive towards Jeremy Hunt's
vision to make the UK a world leading quantum enabled economy."
Ian Pearson, non-executive Chairman, added:
" The Spring Budget is very welcome news that the government is
continuing to expand its support for quantum technology. Quantum is
going to change our lives - and it's not something for the distant
future, it's going to start happening soon. It's hugely important
that the UK, with our great science, leverages our research
strengths, and we grow UK based quantum businesses that will scale
to become world leaders, rather than letting that knowledge and
jobs go elsewhere.
"We are proud to be at the forefront of this disruptive change
and to supporting companies, particularly in the UK but only in
NATO friendly nations, who share our vision, and will generate
transformational change for our planet and great returns for
investors."
For more information on the Spring Budget 2013, visit the UK
Government website:
https://www.gov.uk/government/publications/spring-budget-2023
**ENDS**
For more information, visit the Company's website: www.quantum-exponential.co.uk or contact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, George Duxberry
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
About Quantum Exponential Group plc
Quantum Exponential is the first of its kind, AQSE Growth Market
enterprise company, focused on opportunities in quantum technology
and the wider quantum computing sector, with an advisory board made
up of industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO-allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
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