Space Industry (Indemnities) Bill

Part of the debate – in the House of Commons at 2:03 pm on 17 May 2024.

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Photo of Gagan Mohindra Gagan Mohindra Assistant Whip 2:03, 17 May 2024

I thank my hon. Friend Mr Lord for taking this important Bill through the House. I applaud him on his excellent speech. Given what the Shadow Minister has said, I am pleased to confirm that my hon. Friend has cross-party support for the Bill.

From the contributions we heard on Second Reading and in Committee, we know how beneficial the Bill will be to the many businesses in the UK’s thriving space sector. The sector contributes over £17.5 billion to the UK economy and directly employs more than 48,000 people. The Bill supports our Government’s ambition to make the UK the leading provider of commercial small satellite launch in Europe by 2030. We are harnessing the opportunities provided by launch, which will meet the aims set out in the national space strategy and the Government’s agenda to level up the UK. This will create skilled jobs around the UK, as well as inspiring the next generation of space professionals.

To achieve our ambition, the Government have already invested over £57 million through the LaunchUK programme to grow new UK markets for small satellite launch and sub-orbital space flights. Growing our launch capability is already creating highly skilled jobs and opportunities right across the UK, as well as rocket boosting investment across the supply chain, supporting the Government’s aims to grow and level up the economy.

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