UK space industry could be £40bn business

Boffins and bean counters are predicting that the UK's space industry could become a massive player in Britain's economy turning over £40 billion a year.

According to a BBC report, the Space Innovation Growth Strategy (SIGS) think-tank says Blighty is in a perfect position to trail-blaze satellite technology and space tourism.

SIGS wants to see industry research and development spending increase by £5 billion and expects the tax payer to double its contribution to £550 million over the next ten years.

At the moment UK space policy is decided by a mish-mash of Whitehall departments and beardy men in sheds. The report says that if we develop a coherent, integrated policy driven by commercial models, Britain could rule space.

And with the US administration tightening the purse strings at NASA, and the Chinese economy set to crash and burn like an overheated supernova, the prospect of Britannia ruling the solar waves may not be so far fetched.