Space Industry (Indemnities) Bill

Nickie Aiken Excerpts

3rd reading
Friday 17th May 2024 Commons Chamber

[Mr Lord]

I thank my right hon. Friend for that intervention. I can confirm that the Bill will set us on par with the United States and France, our friends and probably our main competitors in this important arena. The space industry is already worth £17.5 billion a year, and it is estimated that these measures will add tens of billions over the coming decade or more. My right hon. Friend makes a really important point; the Bill will make us competitive in an area where, currently, we are not quite there.

[Nickie Aiken (Cities of London and Westminster) (Con)]

I congratulate my hon. Friend on Third Reading of his Bill, which will make a huge difference to the space industry. Does he agree that it is imperative, as we move through the 21st century, that we encourage more women and girls to consider taking up the skills and employment opportunities that the space industry offers? Sadly, to date the industry has been too male focused. If we are going to pass Bills like this that give the industry the confidence to expand, hopefully we will be able to encourage more women and girls to consider a career in the space industry.

[Mr Lord]

My hon. Friend makes an excellent point. The Bill will help provide certainty for our space industry for many years to come. Of course, we need all the talent that we can provide in this country. I completely agree that we want more girls going into science, technology, engineering and maths, and considering a career in this fantastic, relatively new industry.

By amending section 12(2) of the Space Industry Act 2018, the Bill will firmly establish in law the imperative that all spaceflight operator licences will have a defined limit on liability. Such clarity will not only fulfil a long-standing demand from the sector, but ensure that our regulatory framework aligns with international standards and best practice. In an era when commercial space activities are poised for the huge growth that I have just mentioned, the Bill is a decisive step towards fostering a competitive and thriving space industry on our shores. Members from Cornwall and Scotland in particular will know the benefits of that, with our new spaceports.

Mandating specific liability limits, essentially forming a type of risk sharing between the commercial operator and the Government, will empower businesses to navigate risks prudently while encouraging continued investment in space-related ventures. As a nation, we must seize every opportunity to cultivate an environment in which British enterprises can flourish and contribute to the advancement of our economy and our technological prowess.

Furthermore, we should acknowledge the collaborative efforts that have shaped this legislation, drawing on insights gleaned through consultation with industry stakeholders and from expert recommendations. The Bill reflects a balanced approach that prioritises the interests of both business and the public purse, ensuring that our regulatory framework remains robust yet adaptable to evolving circumstances. By enshrining these principles in law, we affirm our commitment to fostering a vibrant yet responsible space industry that serves the interests of our nation, our businesses and our citizens.

By passing this Bill, we not only bolster confidence in our regulation but lay the groundwork for a future in which British ingenuity propels us to new frontiers of discovery and prosperity. I urge all Members to support this Bill, recognising its significance in shaping the trajectory of our nation’s space industry for decades to come.

--- Later in debate ---

[Mr Gagan Mohindra (South West Hertfordshire) (Con)]

I thank my hon. Friend the Member for Woking (Mr Lord) for taking this important Bill through the House. I applaud him on his excellent speech. Given what the shadow Minister has said, I am pleased to confirm that my hon. Friend has cross-party support for the Bill.

From the contributions we heard on Second Reading and in Committee, we know how beneficial the Bill will be to the many businesses in the UK’s thriving space sector. The sector contributes over £17.5 billion to the UK economy and directly employs more than 48,000 people. The Bill supports our Government’s ambition to make the UK the leading provider of commercial small satellite launch in Europe by 2030. We are harnessing the opportunities provided by launch, which will meet the aims set out in the national space strategy and the Government’s agenda to level up the UK. This will create skilled jobs around the UK, as well as inspiring the next generation of space professionals.

To achieve our ambition, the Government have already invested over £57 million through the LaunchUK programme to grow new UK markets for small satellite launch and sub-orbital space flights. Growing our launch capability is already creating highly skilled jobs and opportunities right across the UK, as well as rocket boosting investment across the supply chain, supporting the Government’s aims to grow and level up the economy.

[Nickie Aiken]

My hon. Friend is making a great speech, and I congratulate him on his introduction to the Dispatch Box. Does he agree that, as I said earlier, the space industry is an excellent place for women and girls to consider, and does he see any particular area of the industry as important for women or girls to consider?