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New Launch Contingent Liability under the Space Industry Act 2018
19 July 2022
Type
Written Ministerial Statement
Department
Department for Transport
At a Glance
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