Cornwall's Newquay Airport will receive up to £20 million to fund new spaceport creating 150 jobs

Plans to turn Newquay Airport into a spaceport have moved closer to reality after the project was backed by the Government.

In a statement it was announced that the airport successfully secured funding of up to £20 million from Cornwall Council and the UK Space Agency.

The funds would go to Spaceport Cornwall, and American launch operator Virgin Orbit, to enable them to develop their current facilities and operations and allow them to be more involved in space exploration.

• Cornwall to become UK's first satellite launch base in 50 years

• Could Newquay become the first spaceport in Europe

The investment is expected to create up to 150 new jobs and give small satellites the ability to launch directly from Newquay within the next few years.

This new technology would enable the UK to compete for a share of the global market for launching small satellites - worth a potential £3.9 billion over the next ten years.

The funding would be made up of £12 million from Cornwall Council, and up to £7.85 million from the UK Space Agency. This would also include a contribution of £0.5 million from the Cornwall and Isles of Scilly Local Enterprise Partnership.

MP Steve Double praised the decision to award Cornwall the funding, and said that the area was ahead of everywhere else in Europe when it comes to the technology involved.