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Take off: The Chancellor yesterday revealed plans to invest £10m in a spaceport in the Shetland Islands
The UK space sector has received extra money for small businesses. The Chancellor plans to invest £10 million in the SaxaVord spaceport in the Shetland Islands, which hopes to send satellites into space later this year.
It has several operators around the world waiting to launch. “This will help us capitalize on our work as we move towards the first orbital launch from British and European soil,” SaxaVord said.
The Government has supported the UK space sector, providing £47 million in November to be spread across 12 projects. The sector employs almost 50,000 people and added £7bn to the UK economy in 2022, according to a trade body.
Saxavord was created by Frank Strang together with his wife Debbie, who planned to create a tourist attraction.
That changed when the government began looking for locations for spaceports.