In a move that mixes spectacle with fiscal recklessness, Nasa has named the four astronauts for its Artemis II mission, the first crewed flight to the Moon since 1972. The announcement, made from Houston, came as UK officials touted Britain’s role in the programme’s future. But for those of us who watch the bottom line, the question is clear: what is the cost, and who is paying?
The Artemis II crew includes Commander Reid Wiseman, Pilot Victor Glover, Mission Specialist Christina Koch, and Canadian astronaut Jeremy Hansen. They will orbit the Moon, testing life support systems and navigation for the eventual Artemis III landing. It is a noble endeavour, no doubt. But noble does not pay the bills.
The UK’s involvement, via the European Space Agency, means British taxpayers are contributing to the Lunar Gateway space station and various scientific instruments. This is on top of a £1.6 billion annual subscription to ESA. With the pound weaker than a watered-down gin and tonic, and gilt yields creeping up, one has to ask: is this the best use of public funds?
Market efficiency demands we weigh the returns. Space exploration has historically delivered technological spinoffs, but the timeframe is long and the discount rate high. Meanwhile, the UK’s fiscal deficit is running at over £100 billion. Every pound sent to the Moon is a pound not spent on hospitals, roads, or tax cuts.
Critics will say I am being shortsighted. They will point to the economic benefits of the Artemis programme, the jobs created, the inspiration for STEM education. But the numbers do not lie. The Government’s own spending watchdog has questioned the value for money of the UK’s space budget. And with inflation stubbornly above 2%, the Bank of England may need to raise rates further, choking off investment.
Let us be clear: I am not anti-space. I am anti-fiscal incontinence. If the private sector, with its appetite for risk and cost control, were leading the charge, I would be more enthusiastic. SpaceX has already slashed launch costs. Blue Origin is building a lunar lander. But government-led programmes have a habit of ballooning budgets. The James Webb Space Telescope went from $1 billion to $10 billion. Artemis is already late and over budget.
The City of London will be watching. Capital flight is a real risk if the Chancellor continues to underwrite projects with uncertain payoffs. The pound could come under pressure, and gilt yields could spike, adding to the debt servicing costs.
In the end, the Artemis mission is a giant leap for mankind, but a small step for fiscal prudence. The UK should focus on balancing its books before reaching for the stars.
