The UK Government has confirmed that it is planning to develop and launch its own global satellite navigation system following Brexit.

The UK Space Agency has been asked by the government to lead a taskforce to work quickly to develop options for a British global navigation satellite system. It is expected to compete with the European Union (EU) Galileo programme.

Representatives from the government and industry will be included in the taskforce. They will develop plans for an innovative satellite positioning system that could serve the UK’s security requirements and offer commercial services.

UK Business Secretary Greg Clark said: “This taskforce will develop options for an independent satellite navigation system using the world-beating expertise of Britain’s thriving space sector.

“According to a recent Blackett review, a navigation satellite service failure is estimated to cost the UK economy £1bn a day.”

“We have made our position clear to the European Commission and highlighted the importance of the UK to the Galileo programme.

“It is now right that we explore alternative options to ensure our security needs are met as we continue to take full advantage of the opportunities that exist in the global space sector through our modern industrial strategy.”

Post-Brexit, the UK will be able to use Galileo’s open signal, but its armed forces and emergency services may be denied access to the encrypted system when it is fully operational.

Clark wrote to the EU Commission last month expressing concern about UK’s possible exclusion from the secure elements of Galileo once the country leaves the EU.

According to a recent Blackett review, a navigation satellite service failure is estimated to cost the UK economy £1bn a day.

The Galileo programme is currently being developed by the EU as a rival to the US Global Positioning System (GRPS) and Russia’s Glonass satellite navigation system.

Scheduled to be completed by 2020, the Galileo system will comprise 24 operational satellites plus six in-orbit spares.