Science Secretary Peter Kyle has lauded the recent accomplishments of the UK space sector, describing the UK as a "launchpad for innovation and investment."
The industry secured £80m more in contracts from the European Space Agency (ESA) than government contributions in late 2024, marking the highest return for any ESA member state, as reported by City AM.
This achievement is expected to contribute over £1bn to the UK economy and create 3,800 high-skilled jobs, positioning Britain as a global leader in space innovation.
Kyle emphasised that the sector's ability to attract top contracts is fuelling economic growth and advancing the government's 'Plan for Change.'
"These figures show not only incredible results of a government working hand in glove with industry to get even more bang for our buck, but also send a clear message to the private sector across the globe: when it comes to space, science and tech, the UK is a launchpad for innovation and investment," Kyle added.
Recent ESA victories include missions in space weather forecasting, lunar exploration, and satellite launches, all of which have UK firms leading their cutting-edge technology.
The global space sector is forecasted to triple to £1.4 trillion within the next decade, and the UK is positioning itself as a key player in the market.
With 16 per cent of the UK's GDP reliant on satellite services, the government is ensuring Britain remains competitive.
Dr Paul Bate, the UK Space Agency's chief executive, stated: "The reduction in the deficit is down to the efforts of the UK space sector. This result demonstrated the UK's competitiveness in securing industrial contracts."