ADS and the UK Government are exploring the importance of a common approach on aerospace growth to ensure sustained investment and to enable industry to invest in future design capability.

The industry and the government also plan to support long-term, strategic planning to ensure the continuity and effective spending of R&D funding.

UK Secretary of state for Business, Innovation and Skills Lord Mandelson said that he recognised the importance of the UK aerospace industry to the British economy and the need for companies to be able to compete in the global market.

As a result of a meeting between the secretary of state and ADS, regular high-level dialogue is to be held between the government and industry to focus on global competitiveness and continuity of capability through efficient R&D funding.

The UK aerospace industry is worth £20bn ($32.4bn) a year to the economy and the global market is expected to be worth $3.1tn over the next 20 years.