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]>> Britain says it will start work on own satellite navigation system if the EU borrows it from it's Galileo project. The EU venture is designed to complete with the US's well-known Global Positioning System, or GPS. It's the technology that makes Sat Nav work. British know how had instrumental in the European rival, but now Brexit could see it excluded from the project, which, as Paul Sandle says, there is a lot at stake.
>> Both the EU and the UK have invested huge amounts of money in Galileo. The UK more than a billion pounds so far. Up for grabs is a lot of revenue from GPS systems. GPS is the US network, so arrival to that, you might be able to get some of that revenue.
For example, mobile phone companies, Sat Nav companies, all of those capabilities rely on GPS and some of that revenue could go to Galileo.>> On Wednesday Britain said that it would leave the project unless it could continue to collaborate on an equal basis. London wants access to data needed for military applications, such as missile guidance.
Now Ministers say the country has the skills and commitment to create its own alternative system. They have set aside over $100 million for a feasibility study, but the full cost of a new system would be way higher.>> Some experts have said it could require up to $4 billion to set up a rival system.
So that's a huge investment for the UK, so I think they are still looking to come to some kind of agreement with the EU and remain part of Galileo.>> While the costs are huge, so are the potential rewards. The EU estimates the market for all satellite nagivation services will be worth nearly $300 billion by 2022.