British space sector is a 'multi-billion success story', report says
Date published: 28th October 2013
“It is also one of the UK economy’s fastest growing sectors, with an average growth rate of almost 7.5 per cent. The sector has the potential to be a great success story for the UK economy, with ambitions to increase its annual turnover … to £40 billion by 2030,” the report says.
However, the MPs are concerned that the UK Space Agency, which was set up in 2010 to support this rapid growth, does not have the resources to meet the demands placed on it.
“In addition, the Government could do much more to define its own requirement for space services, particularly the use of satellite applications, so that industry can use this demand to spur on growth,” the report concludes.
Andrew Miller MP, chair of the Science and Technology Committee, said: “Our inquiry heard much positive feedback about the work of the UK Space Agency since its creation in 2011. Whilst there is more work to done, we were pleased to find a sense of momentum within the Agency and a real desire to respond to the needs of the space sector.”
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