MPs have launched an inquiry into the government's $500m investment in bankrupt satellite firm OneWeb, amid disclosure that a top civil servant warned that taxpayers could lose out.
He went on to say that"using nearly half a billion pounds of taxpayer money to gamble on a 'commercial opportunity' whilst still failing to support manufacturing jobs with a sector deal is both troubling and concerning." But it was disclosed on Wednesday that Sam Beckett, the top civil servant in the Department for Business, Energy and Industrial Strategy , said all the money put forward could be lost.
However, Business Secretary Alok Sharma overrode Ms Beckett's concerns and the government went ahead with the bid. Ms Beckett said:"I completely understand your, the Prime Minister's and the Chancellor's interest in wider benefits such as the potential long-term geopolitical advantages for foreign policy and soft power that would come with sovereign ownership of a fleet of satellites.
Billionaire SIL RishiSunak AlokSharma_RDG invested & lost UK taxpayers £400 million. Meanwhile no money for the ExcludedUK ForgottenLtd PayeFreelancer NewStarterJustice UKlockdown CommonsBEIS
' I do not underestimate the potential opportunity that this investment represents for UK interests globally.' Said the Senior Civil Servant.
If we all did nothing because there was a risk then literally nothing would ever happen. This was clearly a punt, but it has major upside if it lands.
Yet another example of pig-ignorance from this scientifically challenged Government - satellites and company expertise unfit for purpose. EVERY major IT project since 2010 failed completely, been unfit for purpose or suffered massive cost-overruns. Start with UniversalCredit...
Well, do you remember Garden Bridge? Bigger job needs a bigger failure. History repeating!
Watch this
ummmm.... whoops?