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Written question asked by Chi Onwurah (Labour) on Monday, 6 July 2020, in the House of Commons. It was due for an answer on Wednesday, 8 July 2020. It was answered by Amanda Solloway (Conservative) on Tuesday, 14 July 2020 on behalf of the Department for Business, Energy and Industrial Strategy.

OneWeb

Question

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.

Answer

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.

Secondary information

Type
Written question
Reference
69543
Session
2019-21
Subjects
Investment OneWeb
Link
View this Written question on www.parliament.uk