The Government response to the Space Innovation and Growth Strategy (IGS) action plan 2014-2030 and the National Space Security Policy (NSSP) set out plans to achieve a £40 billion UK space industry by 2030 and a coherent approach to protecting the UK’s space assets.
The Government has broadly welcomed all of the suggestions made in the IGS and, in addition to committing stronger support for export and agreeing further work to improve the regulatory framework for space activity, the response also incorporates measures to create and sustain new business in related markets, including the development of a vibrant regional SME community spread across the UK.
The response acknowledges the challenges of a global market and states that the Government will work with new entrants into the market to ensure that inward investment means the creation of jobs and returns for the UK economy.
Minister for Universities and Science, David Willetts said:
“The space sector continues to thrive, and is one of our Eight Great Technologies with the potential to propel UK growth.
“Space industries already support 95,000 full time jobs and generate £9.1 billion for the economy each year, and our response to the Growth Action Plan shows our commitment to secure its future growth and realise ambitions to develop a viable UK space port for commercial space flight.”