John Grady

Yes. The UK Government have invested in Orbex, in Forres in the north of Scotland. It remains important to give grants to earlier-stage companies because they cannot get the equity and debt funding that more advanced companies can, so I welcome that important investment. The space sector and satellites are central to almost everyone’s day-to-day lives. When we tap in and out of the underground on the way home or when we purchase things, that relies on satellite technology. Space is also a key focus for the national wealth fund, as confirmed by Lord Livermore, who is Financial Secretary to the Treasury, and John Flint, the chief executive of the national wealth fund, when we discussed the fund at the Treasury Committee this week. Space is an important future business for Britain, and an important economic opportunity. Another reason why it is important to invest in space is for defence—it is critical to the defence of the United Kingdom. If we have a vibrant space industry in the United Kingdom, that will support the technological innovation we need to defend our country and our allies as we move into a much more difficult foreign policy context.