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The UK space industry is set for a boost after the government increased its investment in Europe's space programme to £240million per year for the next five years. 13/11/2012

Speaking at The Royal Society , chancellor George Osbourne announced an extra £60million to add to the £180million already contributed through the European Space Agency (ESA) .

According to the Department for Business, Innovation and Skills (BIS) , this further investment could lead to projects being carried out that are valued at some £1billion.

In addition, it will create more than 100 jobs, secure the future of the ESA facility in Oxfordshire and help the process of transferring ESA's telecoms satellite headquarters to the UK.

David Willets, minister for universities and science, commented, 'This [investment] will allow the UK to play a leading role in the next phase of European space collaboration.

'It will drive growth, create extra skilled jobs and help the UK to realise its ambition to have a £30billion space industry by 2030.'

The ESA, which has 20 member states, coordinates and implements Europe's space programme and ensures investment in space continues to deliver benefits to the citizens around the world.

It draws upon the financial and intellectual resources of its member states, meaning it can undertake bigger and better programmes than a single European country.