LONDON, March 23, 2011 /PRNewswire/ -- Inmarsat plc (LSE: ISAT), the leading provider of global mobile satellite communications services comments on the very positive endorsement for the UK Space Industry in the Chancellor's Growth Report to accompany the Budget:
- Chancellor announces changes to The Outer Space Act removing unlimited liability on operators to encourage companies like Inmarsat and Virgin Galactic to be based in UK, considerably reducing insurance costs, encouraging operators to base themselves in UK.
- Puts GBP10m into a new GBP100m fund to encourage spacecraft technology, funds matched by industry including Astrium, Logica and others.
- Government recognises UK Space growing at over 10% per year, annual turnover at GBP7.5bn and employment rising at 15% per year.
- Satellite operators such as Inmarsat, in the downstream business area, are amongst the best performing.
- Aiming to encourage industry to have a 10% share of a $400bn global industry by 2030.
- Coalition Government affirms the Space Innovation and Growth Strategy inherited from Lords Mandelson and Drayson.
Comments Perry Melton COO, Inmarsat plc and member of the UK Space Leadership Council:
"Inmarsat congratulates the Chancellor on his recognition of space technology as a growth industry. As leaders in global mobile satellite services, we welcome renewed focus on a UK success story. Inmarsat, as a UK headquartered satellite operator, is committed to supporting the Government's initiatives in the space arena."
SOURCE Inmarsat plc