My hon. Friend makes an excellent point. The Bill will help provide certainty for our space industry for many years to come. Of course, we need all the talent that we can provide in this country. I completely agree that we want more girls going into science, technology, engineering and maths, and considering a career in this fantastic, relatively new industry.

By amending section 12(2) of the Space Industry Act 2018, the Bill will firmly establish in law the imperative that all spaceflight operator licences will have a defined limit on liability. Such clarity will not only fulfil a long-standing demand from the sector, but ensure that our regulatory framework aligns with international standards and best practice. In an era when commercial space activities are poised for the huge growth that I have just mentioned, the Bill is a decisive step towards fostering a competitive and thriving space industry on our shores. Members from Cornwall and Scotland in particular will know the benefits of that, with our new spaceports.

Mandating specific liability limits, essentially forming a type of risk sharing between the commercial operator and the Government, will empower businesses to navigate risks prudently while encouraging continued investment in space-related ventures. As a nation, we must seize every opportunity to cultivate an environment in which British enterprises can flourish and contribute to the advancement of our economy and our technological prowess.

Furthermore, we should acknowledge the collaborative efforts that have shaped this legislation, drawing on insights gleaned through consultation with industry stakeholders and from expert recommendations. The Bill reflects a balanced approach that prioritises the interests of both business and the public purse, ensuring that our regulatory framework remains robust yet adaptable to evolving circumstances. By enshrining these principles in law, we affirm our commitment to fostering a vibrant yet responsible space industry that serves the interests of our nation, our businesses and our citizens.

By passing this Bill, we not only bolster confidence in our regulation but lay the groundwork for a future in which British ingenuity propels us to new frontiers of discovery and prosperity. I urge all Members to support this Bill, recognising its significance in shaping the trajectory of our nation’s space industry for decades to come.