Science secretary Peter Kyle has hailed the UK space sector‘s recent achievement as proof that the UK is a “launchpad for innovation and investment”.
The field has secured £80m more in European Space Agency (ESA) contracts than government contributions in late 2024, the highest return for any ESA member state.
This success is set to add over £1bn to the UK economy and create 3,800 high skilled jobs, positioning Britain as a global leader in space innovation.
Kyle said that the sector attracting top contracts is driving economic growth and advancing the government’s ‘Plan for Change’.
“These figures show not only incredible results of a government working hand in glove with industry to get even more bang for our buck, but also send a clear message to the private sector across the globe: when it comes to space, science and tech, the UK is a launchpad for innovation and investment”, Kyle added.
Recent ESA wins include missions in space weather forecasting, as well as lunar exploration and satellite launches.
These all have UK firms at the forefront of their cutting edge technology.
The global space sector is projected to triple to £1.4 trillion within the next decade, and the UK is positioning itself as a key player in the market.
With 16 per cent of the UK’s GDP dependent on satellite services, the government is ensuring Britain remains competitive.
Dr Paul Bate, chief executive of the UK Space Agency, said: “The reduction in the deficit is down to the efforts of the UK space sector. This result demonstrated the UK’s competitiveness in securing industrial contracts.”
ESA director general Josef Aschbacher, also commented: “These new figures reflect ESA’s commitment to developing one of the most attractive and innovative space economies in the world”.