£120million boost for UK aerospace industry

The new funding is aimed at helping UK aerospace companies win billions of pounds worth of new contracts over the next 15 to 20 years. It will see government and industry working together - under the guise of the Aerospace Growth Partnership (AGP) – to secure the future of the sector and ensure it stays 'world class'. "The UK aerospace industry is a national success story," said Vince Cable. "We have the top aerospace industry in Europe, and are second in the world only to the US. There are great opportunities ahead, with forecasts indicating that 27,000 new large civil airliners will be needed by 2030. We have the potential to grab a greater share of that market – but aerospace is a global industry and there are many other countries hoping to have a slice of the pie. "That is why the government is doing all it can to make the UK an attractive environment for aerospace – ensuring that companies are more likely to invest in jobs and facilities here with us." Around £12million has been earmarked for the UK Centre for Aerodynamics, while £28.2m has been allocated to fund six innovative new projects in the area of aerodynamics - five research and technology projects and one project with a capital grant – with a further £20million now to be added by industry. A new £20million competition for collaborative aerodynamics research projects has also been launched through the Technology Strategy Board, with match funding from industry. The remaining money will be used to fund a Rolls-Royce led programme into low carbon aero engine research and another initiative led by the TSB that will fund 11 major business led R&D projects.