Aerospace projects to receive massive funding boost
Summary: Innovative aerospace projects designed to keep the UK at the leading edge of the global aerospace market will receive almost £60m in a new funding boost, it has been announced.
The funding is part of the UK’s Aerospace Industrial Strategy, a long-term economic planto secure the future of the UK’s aerospace industry over the next decade and beyond, and to capture the huge market opportunities from global growth in air travel.
Opportunities for businesses
The new funding should ensure that the UK maintains its world-leading aerospace reputation and provide massive opportunities for businesses in this sector in the coming decade.
The seven projects highlighted as being particularly innovative will receive £29.8m from government which will be matched by investment contributed by industry.
The UK is currently at the forefront of the global aerospace stage, making leading contributions in the manufacturing industry in terms of aerodynamics, propulsion engines, advanced systems and structures.
Global aerospace market
Speaking of the new funding programme, Business Minister Michael Fallon said:
“Government and industry are working together to keep Britain at the forefront of the global aerospace market where we are second only to the United States.
“We are jointly funding the Aerospace Technology Institute to the tune of £2bn so it can develop technology for the next generation of quieter, more energy efficient and environmentally friendly planes.
“Getting this right will mean more of the research and development needed to win work on the planes and helicopters of the future will happen here in the UK.”
The funding has been allocated from the Aerospace Technology Institute (ATI), which will see government and industry jointly invest £2bn over the next seven years in new technology and manufacturing. This could secure up to 115,000 high value jobs in aerospace and its supply chain in the long term.