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UK-based Orbex has called in administrators after the government opted out of its latest funding round, despite previously investing £26 million. The company, valued at $220 million at its peak, planned to develop a commercial rocket launch site in Scotland.

This failure follows previous government-backed ventures, including OneWeb, which ultimately merged with France's Eutelsat. The global space industry is valued at approximately £500 billion and continues to grow. Experts suggest that the UK should implement deregulation and tax incentives to stimulate the space sector and attract investments, emphasizing that innovation is crucial for economic recovery.