House of Commons · Written Ministerial Statement
New Launch Contingent Liability under the Space Industry Act 2018
19 July 2022 · Department for Transport
Proposed by Grant Shapps Con Welwyn Hatfield
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Department for Transport has a new contingent liability under the Space Industry Act 2018 to support UK launch operator licences
- HM Treasury has approved the new contingent liability in principle
- Parliament will be informed through annual reports of any specific indemnities entered into
Issue summary
The statement outlines a new contingent liability for the Department for Transport under the Space Industry Act 2018 to support UK launch operator licences.
Action requested
Grant Shapps has laid a departmental minute describing a new contingent liability, and HM Treasury has approved it in principle. Parliament will be informed through annual reports of any specific indemnities entered into.
Key facts
- The space sector directly employs 45,000 people in the UK.
- Satellites support at least £360bn of UK GDP.
- The Department for Transport plans to undertake a new contingent liability under the Space Industry Act 2018 and Regulations 2021.
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Assessment & feedback
Summary accuracy