UK to increase space technology spending by £60m per year
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The UK Government has today announced plans to increase its spending on space technologies by £60m a year over the next two years. These funds will be used to boost the UK's support of the European Space Agency, with a view to generating more jobs and contracts in the UK space and satellite sector.
This announcement is the latest in a series of financial and regulatory measures from the UK Government to build on the strengths of the sector. According to analysis carried out as part of the UK Space Innovation and Growth Strategy, the UK space industry generated over £9.1bn in UK revenue in 2010/11, showing an average growth rate since 2008/9 of 7.5% per year. The latest move aims to promote the UK's stated ambition of achieving a 10% share of the world space market by 2030.
Among other recent developments, the UK Government announced additional spending for the space sector in its 2011 budget. The Government has also taken steps to reform the regulatory environment for space businesses by reducing its insurance requirements to €60m and capping the liability on satellite operators at €60m for most missions.
At a time when the space and satellite sector continues to present exciting opportunities, this latest announcement is very welcome in providing an additional platform for UK growth.
For further information, please contact John Worthy, partner at Field Fisher Waterhouse LLP.