George Osborne
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Chancellor announces space spending increase

Chancellor George Osborne has increased spending on space technology by £60m per year over the next two years.

The investment is part of a plan to increase the UK's contribution to the European Space Agency.

The government hopes this will attract more hi-tech jobs and contracts to Britain

Overall spending in civil research has, however, declined by 5% in real terms since 2010 - a reduction which is set to continue.

Mr Osborne said, during a speech at the Royal Society, that "even at times of fiscal restraint...the resources to enable new scientific breakthroughs" have been found.