Member Article

Aerospace strategy aims to leverage £2bn investment

A UK aerospace strategy has been launched by the Government, including plans to leverage £2bn of joint funding with industry to secure 115,000 jobs.

On a visit to Airbus in Filton, the Deputy Prime Minister Nick Clegg set out how the UK continues to thrive in the face of increasing global competition.

The Government will provide over £1bn of funding, with industry funding to match. It will be used to create a UK Aerospace Technology Institute (ATI).

Industry and academic researchers will use the ATI to develop quieter, more energy efficient aircraft. Such R&D activity will be necessary to secure work on future aircraft programmes.

Mr Clegg said: “The UK’s best technical experts can ensure we remain the world’s preferred supplier and continue to build and design the planes of the future - lighter, quieter, faster, and more fuel efficient.”

Marcus Bryson, CEO of GKN Aerospace and Land Systems, and co-chair of the Aerospace Growth Partnership said: “Today’s announcement is the culmination of a lot of hard work from ministers, civil servants, academics, ADS and industry through the AGP.

“The creation of an Aerospace Technology Institute puts the UK in a strong position to deliver the technologies, skills, capabilities and investment we need to take advantage of the exciting growth opportunities that are forecast for the sector.

“There is still much to do, but today’s announcement is a significant step forward and there is no doubt that it will help safeguard this valuable sector to the benefit of the nation for decades to come.”

The strategy focuses on investment in four key areas including: wings, engines, aerostructures and advanced systems.

An Aerospace Finance Forum has been established to tackled access to finance challenges, and will work with banks and professional services firms.

Katja Hall, CBI Chief Policy Director, said: “This is an ambitious strategy showing the Government can balance the long view with shorter-term priorities.

“Funding for the creation of a new Aerospace Technology Institute will consolidate the UK’s position as a world leader in aerospace, helping the sector grow further and remain internationally competitive.

“The additional £500 million for other key sectors, such as automotive, is a useful first step in supporting some of our champion industries.”

Chief executive of the Technology Strategy Board, Iain Gray, said: “Within 20 years, the global aerospace market could be worth $4.5 trillion. The world wants cleaner, quieter, more efficient aircraft. The new Aerospace Technologies Institute can help ensure that the UK gets a large share of that business.

“The Technology Strategy Board, with its experience of leveraging the wealth of innovative ideas in the UK’s business community, will play a full part in realising that potential.”

This was posted in Bdaily's Members' News section by Tom Keighley .