Author: Sophie Davis

  • Farming at the Precipice: How Britain’s Agricultural Subsidy Overhaul Is Reshaping the Land

    Farming at the Precipice: How Britain’s Agricultural Subsidy Overhaul Is Reshaping the Land

    There is a revolution quietly under way across the fields of Britain, and it has nothing to do with the weather. The phased withdrawal of the Basic Payment Scheme, which for decades provided a financial floor beneath every eligible landowner, is accelerating into its most consequential years. In its place, DEFRA’s Environmental Land Management schemes, known collectively as ELMs, are demanding that farmers essentially reinvent their relationship with the land. For many, that is an extraordinary opportunity. For others, it is the beginning of the end.

    The British farming subsidy overhaul is not simply a policy adjustment. It is, by any honest assessment, a structural transformation of rural England, Wales and Scotland, one that will determine what grows in these fields, who owns the land, and whether domestic food production remains a national priority or quietly retreats in favour of carbon credits and curated wildflower meadows.

    Aerial view of British farmland illustrating the pressures of the British farming subsidy overhaul
    Aerial view of British farmland illustrating the pressures of the British farming subsidy overhaul

    What the End of the Basic Payment Scheme Actually Means

    Under the old Basic Payment Scheme, inherited from the EU’s Common Agricultural Policy, farmers received direct payments linked largely to how much land they owned or managed. The system was blunt, often inequitable, and rewarded landholding rather than productivity or environmental stewardship. But it was predictable. A tenant farmer in Lincolnshire or a hill farmer in Snowdonia could plan a business around it.

    Those payments are now being reduced in a series of annual cuts, with the final phase-out expected by 2028 for England. The Welsh Government is pursuing its own Sustainable Farming Scheme, which has faced fierce opposition from the Farmers Union of Wales, who argue that its universal 10% land management requirement is impractical for mixed and upland farms. Scotland, still operating under its own CAP-derived system via the Scottish Government, is moving more cautiously, with its Agricultural Reform Programme drawing heavy criticism for the pace and ambiguity of transition.

    The numbers are stark. According to the Agriculture and Horticulture Development Board, direct payments have historically accounted for between 50% and 80% of farm income for many English farms. Removing that without a seamless replacement is not restructuring. For smaller operations, it is closer to elimination.

    ELM Schemes: Opportunity or Obligation?

    DEFRA’s Environmental Land Management framework comprises three tiers: the Sustainable Farming Incentive, Countryside Stewardship, and Landscape Recovery. The theory is elegant. Farmers are paid for delivering public goods, clean water, biodiversity, carbon sequestration, flood mitigation, rather than simply for owning acres.

    In practice, the transition has been complicated. The Sustainable Farming Incentive, the most accessible entry point, has been repeatedly revised since its rollout. Payment rates have been cut, actions have been removed and reintroduced, and the administrative burden has drawn consistent criticism. The National Farmers’ Union has raised formal concerns about DEFRA’s decision in early 2025 to reduce SFI payment rates and close the scheme to new applicants temporarily, leaving farmers who had structured business plans around participation without a clear path forward.

    Landscape Recovery, the most ambitious tier, funds large-scale rewilding and habitat restoration projects. These are transformational by design, but they require land areas and capital that place them beyond the reach of most family farms. The beneficiaries tend to be larger estates and conservation bodies, a fact that has not gone unnoticed in farming communities.

    Farmer holding soil in an English field, reflecting the challenges of the British farming subsidy overhaul
    Farmer holding soil in an English field, reflecting the challenges of the British farming subsidy overhaul

    Farmers Speak: From the Fens to the Welsh Hills

    Across England, the picture is uneven. Arable farmers in East Anglia, who operate at scale and can absorb some of the SFI actions into existing practice, are generally better placed than their upland counterparts. A cereal grower in Cambridgeshire farming 400 hectares can layer SFI payments across a wide range of actions and still maintain a viable margin. A hill farmer in the Brecon Beacons running 200 ewes on common land is in an entirely different situation.

    Several farmers operating in the Yorkshire Dales have spoken publicly about the impossibility of meeting ELM environmental requirements without fundamentally changing or abandoning livestock enterprises that have sustained their families for generations. Some are selling parcels of land to cover immediate cash shortfalls. Others are entering into agreements with rewilding organisations, which offer lease arrangements that provide income but effectively remove the land from food production.

    In Scotland, the pace of change has been slower but no less uncertain. The Scottish Government’s Agricultural Reform Programme has extended its transition timelines repeatedly, which some farmers welcome as breathing space and others read as institutional paralysis. Meanwhile, larger Scottish estates are attracting significant investment from carbon market buyers, raising uncomfortable questions about who the rural landscape is actually being managed for.

    The Food Security Question Nobody Wants to Answer

    The central tension in this entire debate is one that policymakers have struggled to articulate honestly. Britain cannot simultaneously maximise domestic food production, achieve ambitious biodiversity targets, and hit net-zero commitments on agricultural land. These goals are not always compatible. Trade-offs exist, and at present, the weight of policy incentives appears to be tilting towards environmental outcomes over food output.

    The UK Government’s Food Security Report, published in 2024, acknowledged that the country’s self-sufficiency ratio for indigenous-type foods has declined from around 78% in the mid-1980s to approximately 62% today. That is a significant erosion. The report stops well short of recommending that food production be prioritised above environmental goals, but the data it contains makes the stakes unmistakably clear.

    If smaller farms continue to exit the sector, if upland grazing is replaced by scrub and carbon plots, and if tenant farmers find no viable route into ELM schemes because they lack the security of tenure needed to commit to ten-year agreements, then Britain’s agricultural productive capacity will shrink. Quietly, gradually, and largely out of view.

    Diversification, Rewilding and the Hard Choices Ahead

    Not every farm facing this transition is in crisis. Some have moved decisively into diversification, farm shops, glamping, educational visits, and artisan food production, creating businesses that are genuinely robust without reliance on subsidy. Others are embracing regenerative agriculture, finding that healthier soils reduce input costs enough to compensate for lost payments over time. These are genuine success stories, and they deserve telling.

    Rewilding, too, has a legitimate place in this landscape. Projects such as those run by Rewilding Britain are producing measurable ecological benefits, and there is real public appetite for the restoration of lost habitats. The issue is not whether rewilding should exist, but whether policy is creating the conditions for it to proceed at the expense of food-producing farms rather than alongside them.

    Older farm buildings undergoing renovation as part of diversification projects sometimes uncover legacy issues from earlier eras of construction. Fibre cement roof sheets, old guttering and fascias on agricultural buildings can contain hazardous materials, and specialist services such as asbestos gutter removal are increasingly in demand as farms repurpose Victorian and mid-century outbuildings for new uses. It is a small but telling detail: modernising the British farm means confronting its entire history, not just its economics.

    What Needs to Change

    The British farming subsidy overhaul is not inherently flawed in its ambition. Paying farmers to deliver environmental goods is a coherent philosophy, and the old system had real problems. But the execution has been marked by instability, insufficient transition support, and a failure to resolve the fundamental tension between environmental and food production goals.

    What farmers across England, Wales and Scotland are asking for is not a return to the past. They are asking for clarity, consistency, and a frank acknowledgement from government that food security is a public good as important as biodiversity. Until that acknowledgement is written into policy with the same conviction as the environmental targets, the precipice will remain where it is. And more farms will quietly go over it.

    Frequently Asked Questions

    What is replacing the Basic Payment Scheme for farmers in England?

    The Basic Payment Scheme is being replaced by DEFRA’s Environmental Land Management schemes, which include the Sustainable Farming Incentive, Countryside Stewardship, and Landscape Recovery. These schemes pay farmers for delivering environmental benefits such as improved biodiversity, cleaner waterways and carbon storage, rather than simply for owning or managing land.

    How much income do British farmers stand to lose from subsidy withdrawal?

    For many farms, direct payments have historically represented between 50% and 80% of total farm income, according to the Agriculture and Horticulture Development Board. The scale of financial impact varies significantly depending on farm type and size, with upland and smaller livestock farms among the most exposed.

    Are Welsh and Scottish farmers affected by the same changes as those in England?

    Each of the devolved nations is managing its own agricultural transition. Wales is introducing a Sustainable Farming Scheme that has faced significant opposition from the Farmers Union of Wales, while Scotland’s Agricultural Reform Programme has proceeded more slowly under the Scottish Government. All three nations are moving away from area-based payments, but at different rates and with different policy frameworks.

    Will rewilding replace farming on British land?

    Rewilding is growing as a land use option, particularly on larger estates and through projects supported by conservation organisations, but it is unlikely to replace conventional farming wholesale. The concern among many in the sector is that current policy incentives favour environmental schemes over food production, which could gradually reduce Britain’s agricultural output without any explicit political decision to do so.

    What does the British farming subsidy overhaul mean for food prices in the UK?

    If domestic food production declines as a result of farm exits and land use change, Britain becomes more reliant on imports, which exposes consumers to greater price volatility tied to global commodity markets and exchange rates. The UK Government’s own Food Security Report noted that domestic self-sufficiency in indigenous foods has fallen from around 78% in the mid-1980s to approximately 62% today, a trend that subsidy reform could accelerate if not carefully managed.

  • The Collapse of NHS Dentistry: What Britain’s Dental Crisis Actually Looks Like on the Ground

    The Collapse of NHS Dentistry: What Britain’s Dental Crisis Actually Looks Like on the Ground

    There is a particular kind of indignity in pulling out a tooth that could have been saved. It is not dramatic. There are no cameras. Just a person in a dental chair, often in considerable pain, being told that because they could not find an NHS dentist willing to take them on, a filling that might have cost £65 under the NHS has become an extraction that costs nothing but the tooth itself. This is the NHS dentistry crisis, and it is not some abstract policy failure. It is happening daily, in every corner of Britain.

    The scale of the breakdown is staggering. According to NHS England’s own data, roughly 12 million people in England have been unable to access NHS dental care in the past two years. The British Dental Association has described the situation as a “humanitarian crisis”. These are not exaggerations borrowed from campaigners. They are the clinical consequences of a contract model that has been haemorrhaging dentists since it was introduced in 2006, accelerated by a pandemic that shuttered practices for months, and left behind a system that now struggles to fulfil even emergency obligations.

    Empty NHS dental waiting room illustrating the scale of the NHS dentistry crisis in Britain
    Empty NHS dental waiting room illustrating the scale of the NHS dentistry crisis in Britain

    Why the NHS Contract Model Is at the Heart of This

    Understanding the NHS dentistry crisis means understanding the Unit of Dental Activity, or UDA. When the 2006 contract replaced fee-per-item payments, it grouped procedures into three bands and paid dentists a fixed number of UDAs for completing each. Band 1 covers a check-up and scale and polish; Band 3 covers complex work including crowns and dentures. The problem is that a dentist earns the same UDAs whether they do one filling or five in a single appointment. Do complicated, time-consuming work and the UDA value drops per hour. Do quick, straightforward work and it rises. The perverse incentive was baked in from the start.

    Dentists who flag underperformance against their UDA targets face clawback, meaning NHS England can reclaim payments for targets not hit. Those who consistently hit targets find the work financially unsustainable compared with private practice. It is a system that manages to punish failure and success with equal generosity. Over the past decade, thousands of dentists have walked away from NHS contracts entirely. In 2023 alone, more than 1,000 NHS dental practices in England handed back their contracts. Many simply converted to private-only or mixed practices.

    What Patients Are Actually Experiencing

    The waiting lists and the geography of pain tell their own story. In rural areas of Cornwall, Lincolnshire, and large parts of Wales, patients routinely report driving upwards of two hours each way for an emergency dental appointment. Some have resorted to travelling to other countries for treatment. Others have extracted their own teeth with household tools, which is not hyperbole but documented fact, cited by the House of Commons Health and Social Care Committee in its 2023 inquiry into dentistry.

    The shift from preventive care to emergency-only intervention is perhaps the most medically alarming trend. Tooth extractions in children aged six to ten remain one of the most common reasons for hospital admission in England, despite the condition being almost entirely preventable with fluoride treatments, regular check-ups and fillings. The NHS dentistry crisis is, at its sharpest point, a children’s health crisis.

    Dental instruments on a tray representing the NHS dentistry crisis and barriers to treatment
    Dental instruments on a tray representing the NHS dentistry crisis and barriers to treatment

    Private-Pay Creep and Who Gets Left Behind

    For those with money, the system has not really collapsed. Private dentistry is thriving. The number of private dental practices has increased considerably since 2020, and corporate dental chains such as Bupa Dental Care and Dentex have expanded aggressively. NHS waiting lists have, in effect, become a business development tool for private providers, and many patients who once relied on NHS treatment have been quietly absorbed into private billing. A standard check-up privately now costs between £60 and £100. A crown can exceed £1,000.

    What this creates is a two-tier system that maps almost perfectly onto existing socioeconomic fault lines. Middle-class patients with disposable income migrate to private dentistry, resentful but managing. Those on lower incomes, those in deprived coastal and rural areas, those with complex needs, they remain in the NHS queue that is, in many places, effectively closed. The same dynamics playing out in other public health debates, from waiting times for elective surgery to mental health referrals, are replicated here with the added dimension that dental disease left untreated becomes cardiac risk, diabetic complication, and sepsis. Teeth are not optional.

    These systemic failures in public health infrastructure carry echoes of other long-neglected building safety issues affecting the same communities. Campaigners working on asbestos in schools have drawn similar parallels: slow-burning crises, underfunded bureaucracies, and communities that lack the political capital to force immediate action.

    What the Government’s Workforce Plan Actually Proposes

    In 2023, NHS England published its Long Term Workforce Plan, and in 2025 the government announced what it described as a “rescue package” for NHS dentistry. The proposals include reforming the UDA system to better reward complex care, expanding dental training places at universities, allowing dental therapists and hygienists to undertake a wider range of NHS treatments without direct dentist supervision, and creating new “golden hello” payments to incentivise newly qualified dentists into underserved areas.

    The ambition is reasonable. The scepticism from the profession is considerable. The British Dental Association has welcomed certain reforms whilst pointing out that training more dentists takes at minimum five years, that the UDA reform proposals remain insufficiently bold, and that without substantially increasing NHS contract values to make NHS work financially competitive with private practice, the outflow of dentists will continue regardless of training numbers. There is also the question of dental nurses and support staff, whose pay has lagged so badly that practices cannot fill those roles either.

    Is There a Realistic Path Back?

    Several models offer genuine hope if adopted with proper funding. Scotland’s NHS dental system, whilst facing its own pressures, has maintained higher rates of NHS access partly through different contractual structures. Community dental services in some English regions have pioneered outreach models, taking mobile dental units into schools and care homes, which has proved cost-effective precisely because it prioritises prevention. The NHS Long Term Workforce Plan gestures at these approaches but implementation remains patchy.

    The political will is uncertain. NHS dentistry sits in a peculiar position: too important to ignore, too expensive and structurally complex to fix quickly, and not quite visible enough to generate the kind of public fury that drives rapid reform. The photographs are not dramatic. Nobody is on a trolley in a corridor. The pain is dispersed, individual, and often borne in silence.

    What is not uncertain is that the current trajectory leads further toward a system where good dental health is simply something you purchase, and where preventable disease accumulates quietly in the communities least able to absorb it. For a healthcare system built on the principle that access should not depend on wealth, that is an uncomfortable place to find oneself. It is also, right now, precisely where we are.

    Frequently Asked Questions

    Why can't I find an NHS dentist taking new patients?

    Thousands of dentists have left NHS dentistry since 2006 because the contract model makes NHS work financially unviable compared with private practice. NHS England estimates around 12 million people in England cannot access NHS dental care. Many practices have converted to private-only or mixed NHS/private models, leaving significant gaps particularly in rural and coastal areas.

    How much does NHS dental treatment cost in 2026?

    NHS treatment in England is organised into three charge bands. Band 1, covering a check-up and scale and polish, costs £26.80. Band 2, covering fillings and extractions, costs £73.50. Band 3, covering crowns, dentures and bridges, costs £319.10. Some patients, including those on Universal Credit, NHS Low Income Scheme recipients, and children, receive free treatment.

    What should I do if I have a dental emergency and cannot find an NHS dentist?

    Call NHS 111, which can direct you to an urgent dental care service in your area. Most regions maintain an urgent dental care network for genuine emergencies such as severe pain, swelling, or trauma. Be aware that these services address immediate problems only; they do not provide ongoing dental care or take you on as a regular NHS patient.

    Is private dentistry worth it if NHS treatment is unavailable?

    Private dental care offers faster access and often a wider range of treatments, but costs are substantially higher. A private check-up typically costs between £60 and £100, with complex work such as crowns exceeding £1,000. Dental insurance schemes and capitation plans (monthly payment plans offered by private practices) can reduce the financial impact for those who use dentistry regularly.

    What is the government doing to fix the NHS dentistry crisis?

    The government has announced reforms including changes to the UDA contract system, expanding dental training places, and introducing financial incentives to attract newly qualified dentists to underserved areas. The NHS Long Term Workforce Plan also proposes expanding the roles of dental therapists and hygienists. Critics from the British Dental Association argue these measures do not go far enough to make NHS dentistry financially sustainable for practitioners.

  • The New Space Economy: How Private Companies Are Turning Orbit Into a Multi-Trillion Pound Marketplace

    The New Space Economy: How Private Companies Are Turning Orbit Into a Multi-Trillion Pound Marketplace

    There is a quiet revolution taking place roughly 550 kilometres above our heads, and the financial stakes are extraordinary. Space, once the exclusive preserve of national governments and cold war ambition, has become the most consequential new arena for private capital in a generation. Space economy investment is no longer the province of eccentric billionaires or science fiction enthusiasts. It is a serious, increasingly mainstream financial frontier, attracting sovereign wealth funds, pension managers, and venture capital firms with the same gravity it once reserved only for rockets.

    The numbers are striking. Morgan Stanley estimates the global space economy could exceed £640 billion by 2030. The UK Space Agency places Britain’s own space sector contribution at over £17 billion annually, with ambitions to capture ten per cent of the global market by the end of the decade. These are not speculative projections plucked from optimism. They reflect genuine commercial activity across four converging sectors: satellite communications, space tourism, asteroid resource extraction, and the nascent infrastructure of lunar commerce.

    Satellite ground station on British moorland representing the growing space economy investment sector
    Satellite ground station on British moorland representing the growing space economy investment sector

    Satellite Broadband: The Investment Case That Is Already Paying Out

    Of all the commercial space sectors, satellite broadband is the most mature and the most immediately investable. SpaceX’s Starlink network now covers most of the inhabited world, and its British rival OneWeb, reborn as Eutelsat OneWeb following a merger with the French operator, operates from offices in London and has positioned itself as the European answer to American dominance in low-Earth orbit connectivity. Amazon’s Project Kuiper is spending billions building its own constellation. The race is real, the revenues are real, and the infrastructure build-out is only beginning.

    For the UK specifically, satellite broadband has material implications beyond pure investment returns. The government’s Project Gigabit programme has identified rural connectivity as a national infrastructure priority, and satellite services are increasingly filling gaps that fibre simply cannot reach commercially. The Highlands of Scotland, the outer islands, and remote parts of Wales are already benefiting from low-Earth orbit broadband in ways that terrestrial networks cannot match. Wherever geography defeats cable, a satellite operator generates a customer.

    Space Tourism: Niche Luxury or Scalable Business?

    Space tourism divides serious analysts. On one side are those who see it as an extravagance, a Veblen good for the ultra-wealthy that will never produce genuine scale. On the other are those who point to the historical trajectory of commercial aviation, once itself a luxury reserved for the privileged few, and argue that price compression is simply a matter of time and volume.

    Virgin Galactic, founded by Sir Richard Branson, spent nearly two decades arriving at commercial operations before ceasing its spaceplane programme in 2023 and pivoting to next-generation Delta-class vehicles. Blue Origin’s New Shepard has now carried dozens of paying passengers to the edge of space. The tickets cost hundreds of thousands of pounds. But the addressable market, even at those prices, runs to tens of thousands of individuals globally. Space tourism is not yet a mass market. It is, however, a genuine one, and the infrastructure investments required to sustain it create derivative opportunities across aerospace manufacturing, specialised insurance, medical certification, and bespoke hospitality.

    Satellite component in cleanroom environment illustrating precision engineering central to space economy investment
    Satellite component in cleanroom environment illustrating precision engineering central to space economy investment

    Asteroid Mining and the Resource Frontier

    Here is where the numbers become genuinely vertiginous. The asteroid belt between Mars and Jupiter contains mineral resources estimated, conservatively, at values that render Earth’s entire GDP a rounding error. A single metallic asteroid one kilometre in diameter could contain more iron, nickel, and cobalt than humanity has ever mined in its entire history. Platinum-group metals, which are critically rare on Earth and essential for clean energy technologies, exist in asteroid compositions in concentrations that are almost implausible by terrestrial standards.

    The practical barriers remain formidable. Extracting and returning resources from even near-Earth asteroids is an engineering challenge of remarkable complexity. Companies such as AstroForge in the United States and a handful of European ventures are working through the foundational technology, but commercial asteroid mining at meaningful scale remains, in honest terms, a story of the 2030s rather than today. What is investable now is the enabling infrastructure: the launch vehicles, the prospecting satellites, the in-space propulsion systems, and the regulatory frameworks that will determine who gets to mine what and under which legal regime.

    The UK government, to its credit, has engaged seriously with the legal dimension. The Space Industry Act 2018 established a domestic licensing framework, and the government has since consulted on extending its provisions to cover in-space resource utilisation. For investors with long time horizons, the regulatory groundwork being laid now will determine the commercial landscape of the 2030s. You can read more about the UK’s regulatory approach on the UK Space Agency’s official pages.

    The Lunar Economy: More Immediate Than You Might Think

    Lunar commerce may sound like the most distant of these four frontiers, but the timeline is compressing faster than most people appreciate. NASA’s Artemis programme, which includes significant contributions from British and European industry, is targeting a sustained human presence near the lunar south pole within this decade. The European Space Agency’s Moon Village concept envisages a permanent international research and commercial base. And the commercial lunar payload services market, in which private companies bid to deliver instruments and equipment to the lunar surface, is already active.

    Space economy investment in the lunar context is not primarily about tourism or romantic notions of human settlement. It is about the practical economics of helium-3, water ice, and rare earth elements that lunar geology appears to hold in useful concentrations. It is about the Moon as a waystation for deeper space missions, reducing the gravitational cost of launching from Earth. And it is about the communications and positioning infrastructure that any sustained lunar presence will require, infrastructure that private operators will build and operate commercially, much as satellite operators do in Earth orbit today.

    How UK Investors Are Positioning Themselves

    British institutional capital has been notably active in this space. The British Business Bank has funded several space-adjacent ventures through its programmes, and the London Stock Exchange has seen a handful of space-focused listings and SPACs over the past three years. More significantly, major UK pension funds have begun including space infrastructure within their broader infrastructure allocations, treating satellite networks with the same analytical lens they would apply to a subsea cable or a toll road: long asset life, predictable cash flows, strategic necessity.

    For individual investors, the access points are more limited but not absent. Listed pure-play space companies such as Rocket Lab trade on public markets. Broader aerospace and defence funds, available through most UK investment platforms, carry meaningful space exposure. And a growing number of specialist space economy investment funds are appearing on the market, though due diligence on these requires particular care given the sector’s technical complexity and long capital cycles.

    The central truth of the new space economy is this: the barriers between orbit and commerce have collapsed in ways that were genuinely unimaginable twenty years ago. The question for serious investors is no longer whether space is a legitimate asset class. It is which part of it to own, and when.

    Frequently Asked Questions

    What is space economy investment and why is it growing so fast?

    Space economy investment refers to capital deployed across commercial space activities including satellite communications, launch services, space tourism, resource extraction, and lunar infrastructure. Growth is being driven by falling launch costs, private sector participation, and expanding demand for satellite-based services across connectivity, navigation, and Earth observation.

    How can UK investors access the space economy?

    UK investors can gain exposure through listed aerospace and defence funds, public shares in companies such as Rocket Lab or Eutelsat OneWeb, and a growing number of specialist space-focused investment funds. Some UK pension funds are also beginning to include satellite infrastructure within their broader infrastructure allocations.

    Is asteroid mining actually a realistic investment opportunity?

    At commercial scale, asteroid mining remains a 2030s proposition rather than an immediate one. However, the enabling technologies and regulatory frameworks being developed now represent genuine near-term investment opportunities, and companies working on prospecting satellites and in-space propulsion are already attracting serious venture capital.

    What role does the UK play in the global space economy?

    The UK space sector contributes over £17 billion annually to the national economy, according to the UK Space Agency, and the government has set a target of capturing ten per cent of the global space market. Key strengths include satellite manufacturing, Earth observation, and the regulatory framework established by the Space Industry Act 2018.

    How does satellite broadband relate to space economy investment?

    Satellite broadband is currently the most commercially mature segment of the space economy, generating real revenues from paying customers across underserved rural and remote areas. Operators such as Eutelsat OneWeb are headquartered in London, making it a sector with particularly direct relevance to UK investors and policy makers.