Major new aerospace investment announced

The Prime Minister David Cameron has announced £365M funding for new aerospace research and development alongside a major collaboration with Boeing, which will see the creation of 2,000 jobs in the UK.

Boeing and the government will collaborate to build a new £100m P-8A operational support and training base at RAF Lossiemouth in Scotland, which will see the creation more than 100 new jobs.

In an effort to keep UK leading the global aerospace industry, a further £365m worth of aerospace R&D projects have been approved. The projects will be jointly funded by industry and government and are a result of the Aerospace Growth Partnership, which will publish a new strategy ‘Means of Ascent’ at the Farnborough air show detailing proposals to ensure Britain continues to lead the field in aerospace. Within this will a new supply chain competitiveness charter signed by 11 major companies across the aerospace sector.

The joint initiative between Boeing and the UK will see an increase in the number of bid opportunities for UK suppliers.

The US company will work closely with the government to improve competitiveness between UK suppliers and provide the chance for them to double their supply work with Boeing and to win higher proportions of content on future Boeing aircraft.

Mr Cameron said: “Whatever uncertainties our country faces, I want the message to go out loud and clear: the UK will continue to lead the world in both civil and defence aerospace. We aren’t just open for investment: we are a place the global aerospace industry wants to do business – as Boeing’s long-term partnership with the UK proves.

“It’s also important to put government investment where it counts. That’s why we are jointly funding the new R&D fund with the aerospace industry and why I’m pleased we have today signed the contract for 9 new P8 Maritime Patrol Aircraft for the Royal Air Force, underlining the UK’s commitment to spending on vital defence.”

 

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