UK buys £400m stake in bankrupt satellite rival to EU Galileo system

Investment with India made in US firm OneWeb after Brexit locks UK out of Europe’s satellite navigation system

The UK government has pledged to invest $500m (£400m) in bankrupt satellite company OneWeb, giving it a stake in a business that provides broadband from space.

The government, which has proven so far unwilling to take stakes in major British companies hit by the coronavirus pandemic, will receive a “significant equity share” in the loss-making company as it seeks to make “high-risk, high-payoff” investments of the kind advocated by 10 Downing Street adviser Dominic Cummings.

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