The UK’s space sector has been boosted by Jeremy Hunt’s announcement of a multi million pound cash injection to help more rockets blast off from British soil.
The Chancellor detailed a package of measures aimed at improving the competitiveness of the UK as a hub for new tech and scientific research.
Among these was £121 million earmarked for Britain’s space industry, with the Treasury saying the cash would support observation of the Earth from orbit as well as creating ‘new capabilities’ for satellite communications tech.
The Government’s investment will help to meet the growing demand for satellite manufacturing and launch sites located across the world.
Projects backed by the Treasury include the development of the North East Space Skills and Technology Centre in Newcastle, as well as the Cardiff-based Space Forge’s National Microgravity Research Centre, which is focused on developing new materials for use in outer space.
Boost: The Government’s investment will help to meet the growing demand for satellite manufacturing and launch sites located across the world
While the fledgling industry took a knock in January following the failed launch of a satellite from Cornwall Airport Newquay by Richard Branson’s Virgin Orbit, excitement has continued to grow.
In August, UK defence giant BAE Systems took a major leap into the space sector by snapping up the aerospace arm of US firm Ball Corporation in a £4.4 billion deal.
The UK space industry employs almost 50,000 people and added £7 billion to the economy last year, according to aerospace trade body ADS Group.
