Why do we need to make one? The EU want one as they try to appear important or something and not relying on the US one yadda yadda etc. Yes there would be some amusement to put our own up around the same time as their heavily delayed and expensive vanity project but how is it better to send up own own expensive vanity project?
There would be more value to giving that money back to the economy (reduce tax) and running the country while the EU ignores its crises. If politicians really want to get one over the EU we dont need to make our own satellite system we just need to leave the EU.
And all of this is over fears of hundreds of jobs. How does that move the needle in an economy with full employment and if remain is to believed foreigners leaving the country (either as minimum wage labour or successful and highly contributing depending on the portrayal).