Instead of nostalgia for industries of the past Andy Burnham should look to the stars

Britain's space industry is thriving across the nation, yet many startups struggle to scale due to a lack of opportunities, according to James Lockyer. Prime Minister Burnham has been advocating for a return to 1970s policies, reminiscent of the Labour Party's support for British Steel. Yet, there is a thriving "sunrise" sector that employs over 55,000 people and contributes significantly to the UK economy. Despite its importance, the space industry often goes unnoticed compared to traditional industries like steel.

The primary challenge for the UK space industry is a lack of funding and support, creating a Catch-22 scenario. Startups need to demonstrate their product's effectiveness in space before investors commit, but the UK Space Agency's grants are insufficient to fund the necessary rocket seats. In contrast, the US offers grants of up to $60 million per company, matched by private investors, while the UK provides small, ineffective grants.

The UK Space Agency's recent Space Strategy aims to allocate over £7.8 billion by 2030, but a significant portion of this funding is allocated to defense rather than supporting startups. To address this issue, Lockyer suggests several measures: firstly, providing financial backing for the initial launch of promising startups, matched by private investments and reserving launch slots for British payloads; secondly, creating a dedicated fund to support successful startups before they are acquired by foreign firms; and finally, appointing a senior minister with a substantial budget to enhance the industry's visibility and influence within Whitehall.

With the Prime Minister's emphasis on regional development, these initiatives would benefit cities like Glasgow, Leicester, and Cornwall. The space industry, often overlooked, has the potential to drive significant growth across various regions, a fact that should be recognized and backed by strategic government action.