The UK's space sector, which turns over Pounds 7.5bn and has presented many job opportunities, is to receive Pounds 10m to fund new spacecraft system technologies. This Pounds 10m injection is part of the Pounds 100m overall funding set aside for the sciences.

It is thought that the global space market could be worth in the region of Pounds 400bn per year by 2030.

Mr Osborne asked the UK Space Agency to assess the 1986 Outer Space Act and the UK's outer space legislation. He also suggested that the future of the space tourism industry needed to be looked at, particularly with regards to the clarification of licensing.

Other science and research institutes to benefit from the new budget include the Science and Technology Facilities Council, which is set to receive much of this funding to share across a number of locations, including its space programmes.

Pounds 80m is set to be split between the research campuses at Daresbury, Norwich and Cambridge, and Harwell's Isis neutron source will receive Pounds 10m, ensuring that the project can continue.

"This investment is a real boost to our world class research base and space industry, and demonstrates further the Government's commitment to science following the Spending Review and the ring fencing of the science budget," said Secretary of State for Business, Innovation and Skills, Vince Cable.

"It will create new businesses and improve existing ones, attract highly skilled scientists and technicians, and become a focus for international investment."

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