Funding and finance

The UK’s first National Space Policy was published in 2015, as Britain’s first European Space Agency astronaut prepared for his historic launch to the International Space Station. The document set out the vision by which UK businesses would capture a greater share of the global space market, delivering new business opportunities, and jobs while furthering the boundaries of scientific research.

As part of that launch, the Government committed to growing the UK’s commercial space sector, with an ambition to secure 10 per cent of the global market supporting 100,000 new jobs and generating £40 billion for the economy by 2030 from a base of £11.8 billion in 2014.

Today, space is regarded as a critical to delivering on ambitions for UK plc. From scientific understanding to rebuilding the Midlands manufactories with a new high-tech focus, space-enabled research, to the strategic importance of the work that space research delivers for vital services including communications, disaster relief and transport, we recognise the importance of space for our economy as never before.

Financial backing for the Space Park

Space Park Leicester is backed by the UK Government as an expression of the nation’s science and space ambitions. Initial funding was received through Local Growth Fund allocation in March 2016. Additional support has been granted by regional and international partners, which may include ERDF funding.

Under matched funding requirements, the Space Park is the most significant project currently supported by the University of Leicester, which has allocated £10 million for initial works. Other costs are being met in partnership with the commercial organisations who will use facilities and data generated at the Space Park, several of which are currently carrying out feasibility or engaging in co-design for specialist manufacturing or testing facilities.

An economic impact analysis of the Space Park will be made available once planning (and the total number of researchers and staff working on site) has been confirmed.

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