UK Space Agency and ISIC created

Business secretary Lord Mandelson and science minister Lord Drayson announced the ISIC, supported by £12m from the Department for Business, Innovation and Skills’ (BIS) Strategic Investment Fund, at today’s launch of the UK Space Agency.

The centre, to be sited with the European Space Agency facility opened last July, will provide a central hub for British space activity.

Funded through public and industry investment, the ISIC will establish centres of excellence in the UK to exploit the data generated by Earth Observation satellites; use space data to understand climate change; and advise on the security and resilience of space systems and services.

The space and satellite industry supports 68,000 jobs in the UK and contributes £6bn to the economy. The sector underpins high-speed broadband, high-definition television, GPS and weather forecasting.

Lord Drayson said: ‘The action we’re taking today shows that we’re really serious about space. The UK Space Agency will give the sector the muscle it needs to fulfil its ambition. Britain’s space industry has defied the recession. It can grow to £40bn a year and create 100,000 jobs in 20 years.’