- The UK is an island nation

- In event of all undersea cables being cut (which is a serious threat from Russia), satellite internet is your only option to have traffic leave the UK

- Unfortunately most major banks in the UK have very fragile infra that relies on foreign cloud hosts e.g AWS or Azure, which could well fall over in unexpected ways if the UK was cut off from the world

To be clear I disagree with Wes Streeting on a lot of this but the UK is in a uniquely precarious spot when it comes to how much is reliant on internet access.

GPS relies on very very accurate timing. I would wager that the timing side of GPS is used more than the positioning side - but I have no way of confirming that.

Accurate timing is needed for banks accepting/sending payments (not just £5 for the window cleaner - more billions flowing every day).

Security - checking your not accessing it in UK one minute and australia the next minute

Some bank apps can block this access or request more validation

Data collection and targeted advertising

To track you

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It doesn't. They're making shit up.