We helped the UK Space Agency (UKSA) with its understanding of financial risk – helping protect public funds while enabling the UK’s space ambitions.

The Government Actuary’s Department (GAD) undertook an analysis to help the UKSA understand the impact of currency values on payments it has to make in euros. This analysis was used to inform UKSA’s exposure to risk of currency fluctuations, and how it can manage those risks.

Hedging strategies

UKSA invests and makes regular payments in euros to the European Space Agency (ESA). Meanwhile, funding for the UKSA from its sponsor department the Department for Science, Innovation and Technology is in pounds sterling.

We used historical currency exchange rate data to help illustrate risks when needing to make payments in another currency. We co

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