Planned Spaceports in Cornwall, Sutherland and Glasgow Are to Receive a Total of £117.3 Million in Public Funding
December 10, 2019 | Stay in CornwallEstimated reading time: 2 minutes
- Stay in Cornwall’s Spaceport Case File reveals the economic, environmental, academic, and employment benefits of expanding the UK space sector.
- The average rate of return per £1 of investment into earth observation applications is between £2-£4, or up to £12 if spillover is accounted for.
- This contribution could grow to a staggering £1.4 billion if spillover effects are taken into account.
Three planned spaceports in Cornwall and Scotland could contribute up to £1.407 billion to the economy if the wider spillover effects are taken into account, new research shows.
Anaylsis carried out by local holiday cottages provider Stay in Cornwall reveals that the planned spaceport in Newquay could provide £80 million to the UK economy, based on the average return of £4 per £1 of public investment into the project.
Space Hub Sutherland could bring in £69.2 million with the same return on investment applied, while Glasgow Spaceport could return a staggering £320 million, based on the £80 million in funding provided for Prestwick Airport.
The research finds that public investments in space produce higher returns on average than typical innovation investments. For earth observation applications, £1 of investment provides an average direct return of £2-£4, while telecoms brings £6-£7 and navigation returns £4-£5.
The Spaceport Case File collates official reports to reveal the potential economic, environmental and academic impact of Spaceport Cornwall, whereby the site will play a cruical role in supporting the UK’s satellite launches.
This potential return on investment could be even higher if the UK maintains its membership with the European Space Agency, which brings £3-£4 of direct return per £1 of funding. In 2018, European Union-funded programmes accounted for £372 million - equivalent to 2.5% of total industry income.
With a reported seven sites pursuing spaceport status in the UK in Scotland, Wales and England, the return on global small launch investment could be as high as £1.784 billion if the remaining five sites receive the same funding as Sutherland.
Commenting on the results, Shannon Keary, Communications Manager of Stay in Cornwall said: “As a holiday provider for the local area, we feel that Spaceport Cornwall is an extremely interesting and unique point of interest for people looking to visit Newquay and the surrounding areas.
“Our findings show the many benefits that the spaceport will have on both the local community and for the UK's economy as a whole. This includes how the spaceport is expected to support the UK's government plans to capitalise on the predicted £10 billion global launch market, as well as its huge potential for return on investment when it comes to potential tourism, research capabilities and employment.”
As well as providing up to £80 million - or £240 million with spillover - to the UK economy, Spaceport Cornwall is also expected to create 448 jobs and £200 million of GVA (gross value added).
To read more about the impacts of the spaceport in the Spaceport Case File, visit:https://www.stayincornwall.co.uk/spaceport/
Suggested Items
NCAB Group Posts Interim Report Q1 2024
04/26/2024 | NCAB GroupNet sales decreased by 17% to SEK 950.6 million (1,146.4). Compared with the year-earlier period, sales were affected bylower prices and continued inventory adjustments by customers. In USD, net sales decreased 17%. For comparable units, net sales decreased 24% in both SEK and USD.
Rogers Corporation Reports Q1 2024 Results
04/26/2024 | Rogers CorporationNet sales of $213.4 million increased 4.3% versus the prior quarter resulting from higher sales in the AES and EMS business units. AES net sales increased by 4.1% primarily related to higher aerospace and defense (A&D), wireless infrastructure, industrial and renewable energy sales, partially offset by lower EV/HEV and ADAS sales. EMS net sales increased by 2.8% primarily from higher general industrial, A&D and EV/HEV sales, partially offset by seasonally lower portable electronics sales.
NOTE Releases Interim Report for January-March 2024.
04/23/2024 | NOTENOTE has announced its interim report for January-March 2024.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Aspocomp’s Q1 Net Sales and Operating Result Decreased YoY
04/18/2024 | AspocompInflation and interest rates, weak economic development, the uncertainties posed by Russia’s war of aggression and the situation in the Middle East, and global trade policy tensions will affect the operating environment of Aspocomp and its customers in the 2024 fiscal year.