EUTLF — UK'S £517M STAKE IN STARLINK RIVAL EUTELSAT ONEWORLD NOW WORTH JUST £175M

The UK government's investment in satellite operator Eutelsat OneWeb has lost more than £340m, with its value plummeting by two-thirds. Government accounts show the total £517m investment, championed by Dominic Cummings in 2020 to rescue the firm from bankruptcy, was worth just £175m at the end of March. The company has struggled to compete with rivals such as Elon Musk's Starlink, and its Paris-listed shares have fallen 38% in the past year.