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UK Space Sector: From strength to strength
New figures show continued strong growth in the UK space sector
The UK Space Agency recently released figures which show continued strong growth in the UK space sector.
- The sector is generating in excess of £15bn income pa.
- Growth is more than 5% pa in real terms.
- Approaching 50,000 people are employed in the sector in the UK.
- R&D growing by 18% to over £700m
These positive statistics endorse the importance of the sector to the UK economy as we look to recover from the impact of the pandemic.
For my part I have seen a significant increase in businesses inbound to the UK from Europe and further afield over the course of the pandemic. The UK’s available skilled workforce and favourable tax incentives continue to attract new investment into the country.
The recent announcement of a funding call by the UK Space Agency for exploratory ideas projects will be a welcome boon for early-stage space sector businesses as they move out of the pandemic. It will also drive further innovation, new collaborations and job creation.
Within Alliotts I have led the Space Sector team for six years, advising on wide-ranging aspects of setting up in the UK, R&D claims, grant audits, raising finance, share options etc., as well as the more ‘mundane’ year-end accounts, VAT, payroll, corporation tax.
The pandemic has generated, and continues to generate, many opportunities for my clients in the space sector (unlike many other sectors) and I am privileged to be a trusted advisor to so many.
If you have any questions on how to best take advantage of the opportunities you face, please contact us.
, I would be delighted to help.