space for growth

The House of Lords report ‘The Space Economy: Act Now or Lose Out’, slipped under the radar when it was published in November 2025. The report, compiled over the course of 2025, draws on industry and academic expertise, including contributions from well-known names such as physicist Professor Brian Cox.

When many of us think of space, we might think of NASA, the European Space Agency (to which Britain is the fourth largest contributor) or more recent entrants into the field like SpaceX and Blue Origin. However, the sector has a much wider contribution to society and economic impact, even here in Britain.

Some 18% of UK GDP (equating to £454bn), for example, is underpinned by satellite technology. It affects multiple sectors, from farming and fishing, through to finance, transportation and critical infrastructure. 

It’s no wonder then, that a key cornerstone of the report is a call for action to create a coherent strategic vision for industry and academia to follow. To do this, it argues, the Government should seek to move away from the currently fragmented grant-funding model.

Defining strategic priorities in a more consistent way will allow the UK to unlock growth, meaning the country can better invest in strategic national capabilities. It will not only enhance our own economic position, but such an increase in focus is also vital from a national security point of view.

With global tensions rising, it’s clear that resilience is needed. In a world where allegiances seem ever-more fragile and diplomacy appears to be a diminishing artform, having our own capabilities, expertise and infrastructure on this front couldn’t be more important.

As in the US and China, the UK’s private sector is playing an increasingly important role in the field. According to the UK Space Agency, the UK space sector has a total income of £18.7bn, with 1,907 organisations involved (a figure that doubled between 2018 and 2023).

While these numbers are significant, they’re set against a backdrop of an industry worth >£450bn worldwide. And internationally, commercial entities are responsible for the lion’s-share of spend – 78% according to the Space Foundation.

This increasing commercialisation of space is an opportunity that Yorkshire is well-placed to take advantage of. With world-class academic institutions leading the way in relevant subject areas, already-impressive advanced manufacturing and aerospace capabilities, and a geography that lends itself to the sector (with many sparsely populated areas and ready-access to global supply chains), the opportunities are there to embrace.

While the Government launched a National Space Strategy in 2021, the pace of change is extreme, and the need-case has increased in terms of urgency. 

The backing of local and national government, aided by burgeoning private sector expertise, means that positioning ourselves as active players in a new space race is a must do, not a maybe.

This article was written by Yasper founder Julian Pearce, and originally published in The Yorkshire Post in January 2026.