New aerospace technologies in the UK are set to receive almost £365m of funding from the government and industry, the Business Secretary Sajid Javid said today.
The news, announced to coincide with the Farnborough Air Show, builds on the £1.2bn already invested by government through the Aerospace Technology Institute (ATI), which has contributed to 149 new projects to date.
The research projects, a statement said, will seek to target different aspects of aircraft manufacturing and performance, increasing competitiveness, lowering costs and helping to deliver environmentally-friendly aircraft.
Business Secretary Sajid Javid, commented:
“Aerospace is a vitally important industry for the UK and it is one of our great manufacturing success stories, supporting over 230,000 jobs and generating over £30 billion a year for the economy. We are number one in Europe and world leaders in innovation, design and manufacturing parts for planes.”
“With government and industry investing nearly £4 billion by 2026, we are showing our continued commitment to this vital sector and our intention to keep the UK’s world-beating status. I am proud of our record supporting our great aero industry and we will continue to do all we can to help this high flying sector soar to even greater heights,” added Javid.
These projects have been funded by the aerospace R&D programme, a £3.9 billion joint funding commitment from industry and government to support projects which seek to safeguard the UK’s competitiveness across the world.
The programme is delivered in partnership between the Department for Business, Innovation and Skills, Innovate UK and the Aerospace Technology Institute (ATI).
Ruth McKernan, Innovate UK chief executive, concluded: “From the inception of Innovate UK nine years ago, we have been working with companies large and small to make the UK a global centre of excellence for aerospace innovation. We look forward to continuing the highly successful partnership with industry, the Aerospace Technology Institute and Government to deliver this goal.”