The UK’s Space Industry received positive news this week, as the government outlined its support for the ‘UK Space Innovation & Growth Strategy’ in its official response. The Space IGS 2014-2030 outlined various ambitious targets for the sector, including capturing 10% of the global market share and increasing the UK’s space economy to £40bn 2030.
Some of the key highlights of the government’s response include:
- Bringing forward plans to develop a new UK Space Port, with the establishment of a ‘National Space Flight Co-ordination Group’. This group will report in July 2014 on safety and regulation issues to consider.
- Increased support for exports – this will be achieved through a potential launch investment scheme for space investments, and the development of a dedicated export group (with a cross industry-govt chair) in order to outline a export plan with the UK Space Agency to reach the target of £25 billion in Space exports by 2030.
- Finalising changes to the ‘Outer Space Act’ limit on 3rd party liability, and reviewing the regulations of ‘cubesats’ and other small satellites.
- Simplifying the process of obtaining satellite licenses.
- Amending legislation to create an exemption from insurance premium tax for space satellites.
Alongside the response to the Space IGS, the government has also outlined its approach to a National Space Security Policy – which is seeking to improve the UK’s ‘space situational awareness’.
The government’s approach will look to ensure necessary steps are taken to protect the UK from a range of space based threats – including improved tracking of man-made space debris, protection against missile threats, alongside improved infrastructure protection against solar flares and asteroids. In addition, the policy calls for greater international cooperation with the US and Europe to achieve the goals outlined above.
