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Oneweb: Investment

Question for Department for Business, Energy and Industrial Strategy

UIN HL7198, tabled on 23 July 2020

To ask Her Majesty's Government, further to the letter from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Secretary of State for Business, Energy and Industrial Strategy on 26 June, what assessment they have made of the accuracy of the statement “there is a possibility that the entirety of the investment is lost and no wider benefits accrued” in relation to the investment into OneWeb.

Answered on

3 August 2020

The Government carried out a detailed examination of the business which demonstrated a commercial case for investment.

The fact that we are investing alongside a private commercial investor indicates a rational commercial case for investing. The deal will support the UK to be a pioneer in the research, development, manufacturing of novel satellite technologies, whilst boosting UK manufacturing.

Answered by

Department for Business, Energy and Industrial Strategy