Avanti Communications has welcomed the government's decision to increase its investment in the space industry by £60 million per year through to 2017.
George Osborne, the Chancellor of the Exchequer, recently announced plans to raise the UK's European Space Agency contribution to £1.2 billion over a five-year period.
Avanti, a leading satellite broadband provider, believes this move will help attract hi-tech jobs and strengthen the UK's position as a "global player" in satellite and telecommunications technology.
David Williams, Chief Executive at the firm, said he was "delighted" to see a "significant increase" in the budget for commercial satellite research and development (R&D) projects.
"Britain punches above its weight in the space industry, and that is in large part due to the commitment of government over many years to fostering an eco-system of regulatory support, R&D funding and innovation," he stated.
"The intellectual property created in the UK is stimulating massive growth in export earnings."
Mr Williams said that in prioritising its budget in this way, the government has shown industry that it is "serious about high tech jobs and wealth creation" and the importance of export earnings in rebalancing the economy.