Legislation aimed at making the UK the most attractive place in Europe for commercial space flight will be introduced over the next two years, the Government has announced.

The Space Industry Bill will feature new powers to license space ports, vertically launched rockets and space planes.

This will help the UK increase its share of the global space economy from 6.5% today to 10% by 2030, according to the Government.

It is hoped that space flights will generate new business opportunities
It is hoped that space flights will generate new business opportunities (Gareth Fuller/PA)

It is hoped that space flights will generate new business opportunities for technology and tourism in remote areas of the UK.

Several coastal aerodromes that could be converted to space ports have previously been shortlisted, including Campbeltown, Argyll and Bute; Glasgow Prestwick; Stornoway, Isle of Lewis; Newquay, Cornwall and Llanbedr, Gwynedd.

It is envisaged space planes could fly from a British space port both to place satellites in orbit and to carry fee-paying passengers on sub-orbital flights. Small satellite companies would benefit from new options for low-cost and reliable access to space under the legislation, which was featured in the Queen’s Speech.