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The UK Space Agency's transition phase is now over, and formal operation of the agency has now begun. The UK Space Agency will be in charge of devising and implementing Britsh policy in space.

Chancellor George Osborne recently announced the creation of a space technology programme to drive innovation, demonstrating how the government has identified space as a sector that can deliver significant economic growth in the coming years. As part of this strategy the government will provide financial and regulatory support to ensure the industry continues to grow and begins to claim more and more of the global market.

One of the UKSA's first acts has been to sign a co-operative agreement with its counterpart in India. The memorandum of understanding is likely to lead to a series of British-built satellites being launched on Indian rockets to demonstrate the two countries' latest space technology.

To coincide with its establishment, the UKSA has also released a strategy document for the period up to 2015 and it is inviting comments. The strategy says investment in space should be "targeted at areas that have the greatest potential for delivering economic benefits, scientific excellence and national security".

For more information visit the UK Space Agency website.

This news item first appeared on the BBC News website.