Space Industry Bill - Royal Assent announced
UKspace welcomes the passing into law of the Space Industry Bill which not only puts in place the enabling legislation to allow space flight from UK soil, it also modernises the existing UK space law keeping pace with technology trends and the rapid commercialisation of the space sector. The UK space sector is a real success story, enjoying an average 6.5% annual growth rate over the last decade and currently employing 35,000 people and contributing £14bn to the UK economy, with the ambition to reach £40bn by 2030.
In parallel to this new legislation, the space industry is working with its academic partners and government stakeholders in a Space Growth Partnership, where together we are developing the growth strategy for the next decade. As part of the Government’s Industrial Strategy, we are proposing a Sector Deal for space, which amongst other things proposes a National Space Programme to accelerate growth in the UK, to attract inward investment and new start-ups, and to enable international partnerships as a Global Britain.
UKspace Chairman, Richard Peckham, said: “With the sector undergoing a commercial revolution, with the global competitive environment rapidly changing around us and with Brexit around the corner, this is the perfect time to signal to the world that the UK means business in space. This new legislation puts the UK onto the front foot as we aim to attract new investors into the UK and help to start-up new and grow existing UK space companies.
“Enabling space flight from the UK not only establishes new lines of business for UK companies, it is also an enabler for the UK’s established strengths in satellite manufacturing and satellite applications and services.”