To ask the Secretary of State for Business, Energy and Industrial Strategy, which Departments participated in the purchase of Oneweb; and what the expected return is on the Government's investment.
Answered on
14 July 2020
The Government collectively reviewed and agreed to lead a successful bid to acquire OneWeb, who develop cutting-edge satellite technology in the UK and in the United States.
This investment is likely to make an economic return, with due diligence showing a strong commercial basis for investment. The deal contributes to the government’s plan to join the first rank of space nations, and signals the government’s ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of novel satellite technologies enabling enhanced broadband through the ownership of a fleet of Low Earth orbit satellites.