• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

News 2 Business

Your Leading Business News Source

NEWS 2 BUSINESS
Your Leading Business News Source

  • Home
  • BUSINESS
  • REAL ESTATE
  • About/Contact

UK space industry gets £1.84bn funding boost

November 24, 2022 by Staff Reporter

The UK’s burgeoning space sector is set to benefit from a new £1.84bn funding commitment from the British government, announced in Paris at the European Space Agency Council of Ministers meeting.

Out of the £1.84bn UK space funding commitment, £71m will be made available to smaller firms developing technology that reduces the dependence on nations outside of Europe for electronic parts, such as space solar power.

“These new investments will support the ongoing growth of the UK space and commercial satellite sector – creating new jobs around the UK from Cornwall to the North of Scotland – and securing UK leadership in space sustainability,” said George Freeman, UK science, research and innovation minister.

A further £206m is to be put towards telecommunications programmes for better 5G, 6G, optical and quantum communication systems along with Low Earth Orbit (LEO) satellite constellations.

According to government figures, the UK’s space industry provides more than 47,000 jobs and generates approximately £16.5bn annually.

Dr Paul Bate, CEO of the UK Space Agency, said: “From protecting our own planet to exploring new worlds, we invest in these programmes because they benefit humanity and deliver a strong return to the UK economy.”

Another boost to the UK space industry is the selection of three new British astronauts by the European Space Agency. Rosemary Coogan and ex-Paralympian John McFall will become astronauts, with Meganne Christian to become an ESA reserve astronaut.

The first satellite launch from British soil is expected to take place later this month with Virgin Orbit’s LauncherOne rocket after it was granted a launch licence.

UKTN understands that the launch is days rather than weeks away.

Orbex, a Scottish space startup, announced this month it was given the all-clear on access to a site for a spaceport in northwest Sutherland in another sign that activity in the UK space industry is heating up.

>>> ad: Don't Miss Today's BEST Amazon Deals!
Originally Appeared Here

Filed Under: TECH/SCIENCE

Primary Sidebar

Recent Posts

  • Life after leprosy, a long neglected disease, Health News, ET HealthWorld
  • Curious about intermittent fasting? Here’s what experts say you should know
  • Tyre Nichols video raises concerns about impact on viewers’ mental health
  • Fifth Wall, focused on real estate tech and managing $3.2B, looks to eat up even more of its market • TechCrunch
  • Biden speaks with Tyre Nichols’ family, says he is “outraged” by footage

Recent Comments

    Privacy Policy | Terms and Conditions | About/ Contact
    As an Amazon Associate I earn from qualifying purchases.

    Copyright © 2023 · NEWS 2 BUSINESS . Log in