Britain's aerospace industry will receive investment totalling hundreds of millions of pounds in an effort to keep it ahead of international competition, Nick Clegg, the deputy prime minister, will announce on Monday. <\/p>\n
Ministers are keen to flag their support of the industry after the collapse of the $45bn (30bn) merger between BAE Systems (LSE: BA.L - news) and EADS (Paris: NL0000235190 - news) , the owner of Airbus, last year . That deal was expected to offer surety that Airbus production would continue in Britain. <\/p>\n
Under the plans, the Government is expected to pledge to match-fund investment by companies in the sector over the next few years. The funding will be detailed as Mr Clegg uses a visit to an Airbus plant in Bristol to set out a strategy intended to secure the sectors future growth. <\/p>\n
The plans will be the result of an existing Government initiative to support the industry, called the Aerospace Growth Partnership. <\/p>\n
The UK aerospace industry currently holds a 17pc share of the global market, according to industry body ADS. Half the worlds modern large aircraft fly on Airbus wings manufactured in the UK. <\/p>\n
However, British aerospace faces increasing competition from not just traditional rivals, but also from developing manufacturing powers. <\/p>\n
Paul Everitt, chief executive of ADS Group said: The UK aerospace industry is the largest in Europe and second only to the US globally. The sector makes a significant contribution to the UK economy so it is important that it is supported in maximising opportunities in the future. <\/p>\n
It is critical that we develop a long-term strategy to support the entire supply chain. <\/p>\n
Aerospace already supports more than 100,000 jobs directly in the UK, with annual revenues in the region of 24bn. <\/p>\n
<\/p>\n
Link: <\/p>\n
Clegg: UK aerospace to recieve investment windfall<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Britain's aerospace industry will receive investment totalling hundreds of millions of pounds in an effort to keep it ahead of international competition, Nick Clegg, the deputy prime minister, will announce on Monday. Ministers are keen to flag their support of the industry after the collapse of the $45bn (30bn) merger between BAE Systems (LSE: BA.L - news) and EADS (Paris: NL0000235190 - news) , the owner of Airbus, last year Continue reading