The government-commissioned cost/benefit analysis of Europe’s £5.5bn Galileo global positioning system will be completed next month.

The report is a response to MPs’ concerns about the value of the satellite scheme that has already cost the UK £97m and faces funding problems in Brussels.

The aim is for a detailed assessment of the potential economic benefits, said Mike Dillon, chief executive of Esys, the consultancy conducting the research.

“We are focusing on downstream benefits ­ the products and services people produce and deliver to make use of Galileo,” he said

The EU decision on the project will be made before the end of the year.