Space industry key to UK economy

The UK economy risks losing more manufacturing business overseas if it does not seize opportunities in the space industry. This was the stark picture painted by Logica chief executive Andy Green yesterday in statements following the unveiling of a new report highlighting ways in which the UK could expand its stake in the global space market from six to 10 per cent. The report was produced by the government and industry-led Space Innovation and Growth Team (Space IGT). Green, who chaired Space IGT, argued government and industry should put greater focus into building up the UK's space industry because it involves high-value manufacturing using advanced production techniques that are difficult to replicate in low-wage economies abroad. The Space IGT report claimed that doubling the national commitment would move the country to 10th position relative to GDP invested in space. Specifically, it suggested doubling national funding for space projects to £50m per year by 2020.