Report praises 'powerful' Isle of Man space industry

The Isle of Man has been praised for "building a powerful niche" within the global space industry.

An Institute of Directors report hailed the business model as a blueprint for success and indicated that the UK could learn from the Manx example.

According to government figures, the estimated value of the Isle of Man space industry for the three years to 2013 will reach £1.1bn.

Many investors have been attracted by the 0% rate of corporation tax.

The report, published in London on 18 May, said: "The Isle of Man shows how quickly a powerful niche can be built by a very small player."

It adds: "In the new space economy, you can be small and succeed. You don't need astronauts to be in the space business."

There are currently 30 space companies located in the Isle of Man out of a international total of 54.