The Government has announced a £600 million support package for the UK aerospace industry as Business Secretary Jonathan Reynolds visits the Farnborough International Airshow.
Mr Reynolds, the new Business, Innovation, Science and Trade Secretary, is using the event to set out the Government’s ambition to harness science and innovation to support growth across the country. The visit comes in the third day of Prime Minister Andy Burnham’s new government.
The package includes more than £500 million for aerospace research and technology projects focused on areas including greener air travel. A further £100 million Aerospace Supply Chain Fund is planned to help suppliers scale up and meet demand in the sector.
The Government said the support forms part of the Prime Minister’s pledge to reindustrialise Britain. It said the aerospace sector supports high-skilled jobs in high-tech roles, with 90% of those jobs outside London and the South East.
The proposed supply chain fund is being developed with the British Business Bank and industry partners including Airbus, Rolls-Royce, GKN Aerospace, Safran and the trade body ADS. Ministers said it would help UK aerospace suppliers access growth capital, invest in productivity and workforce capability, and compete for new opportunities.
The research and technology projects announced at Farnborough are expected to cover advanced aircraft wings, future engine systems, hydrogen-powered flight, digital engineering and advanced manufacturing. Examples cited by the Government include Airbus-led projects developing next-generation wing technologies and manufacturing processes.