Senior Welsh corporate executives space forge said significant change was needed to make the UK more attractive for space missions, after losing a satellite in the failed mission I start of virgin orbit.

Significant delays from the Civil Aviation Authority (CAA) also put Space Forge six months behind its competitors in the race to bring a satellite to Earth. Previously, the company was six months ahead of its competitors. This information was presented to the science and technology committee.

According to Patrick McCall, a non-executive director of Space Forge, the Civil Aviation Authority takes a different approach to risk, process and timing. He believes that the UK will not be competitive in terms of launches until there is a seismic shift in this approach. Because of this, he believes that the money the UK is investing in launch capabilities will not be used profitably. McCall suggested spending that money in other areas, like hospitals.

Greg Clark, chair of the committee, said it was a disaster that an attempt to show what the UK was capable of turned out to be toxic for a launch financed by private investors . We had the first launch attempt, but the result is that you as an investor in the space are saying that there is no chance investors will support another launch from the UK under current regulatory conditions.

Virgin Orbit chief executive Dan Hart told lawmakers he expected the CAA to take an approach more similar to the US Federal Aviation Authority, but found the UK regulator to be more conservative. Virgin Orbit has terminated its contract with Spaceport Cornwall at Newquay Airport, but still hopes to launch from this site in the future.

CAA Chairman Sir Stephen Hillier said his priority was to ensure the safety of space activities in the UK and that licenses were issued before technical readiness.