UK announces £2bn investment in aerospace industry

The UK Government and aerospace industry have announced a long-term collaboration, involving about £2bn being invested to support the growth of the aerospace industry.

Funding will be provided by the UK Government and the aerospace industry over a seven-year period and is expected to help secure about 115,000 jobs.

Funding will also be used to to establish a new research centre called the UK Aerospace Technology Institute (ATI), which will allow industry and academic researchers to develop the next-generation of quieter, more energy efficient aircraft.

This investment is a part of the Aerospace Industrial Strategy, which outlines plans to facilitate the growth of the sector in the wake of increasing global competition, while taking advantage of the rapid changes in technology.

The aerospace industrial strategy focuses on investment in four key areas: design, development and production of wings, engines, aero-structures and advanced systems. This is being done to ensure the UK aerospace industry remains second only to the US.

The strategy sets out a programme to secure the future of the UK’s aerospace sector over the next decade and beyond, and to tap into the huge market opportunities from global growth in air travel.

In addition, it seeks to position the UK at the forefront of world aerospace manufacturing and help address the challenges of increasing competition worldwide and changes in technology.

The plans form part of the Industrial Strategy, which seeks to support growth of UK businesses.

The UK’s aerospace industry supports 230,000 jobs nationwide and contributes £24bn to the country’s economy annually.

By 2031, the civil aerospace market is estimated to be worth $4.4tn.

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Image: The £2bn funding will be provided by the UK government and the aerospace industry over a period of seven years and is expected to help secure around 115,000 jobs. Photo: Crown copyright / Gov.uk.