Michael Fallon, the Business and Energy Minister, has revealed that the government is to give £25m for aerospace research.
The announcement follows the news in March from the Department for Business, Innovation and Skills, that the government, together with private organisations, would be investing £2bn into the sector.
Speaking at the Paris Air Show, the largest event in the industry, Mr Fallon said: “If we are to get ahead of the game we must create the right conditions now that incentivise businesses to invest in the UK and develop new, exciting products.”
The funding is targeted primarily at small and medium-sized businesses, who will have the opportunity to ‘bid’ for a share of the money later this year.
It is estimated that up to 115,000 new jobs could be created as part of the plan, which will include the creation of an Aerospace Technology Institute, providing scientists and researchers with a platform on which to develop new technology.
In addition, employment in the aerospace sector is expected to grow by eight per cent this year.
The new jobs will lead to an uptake in AS9100 quality certification, and an improved UK aerospace industry.
Mr Fallon said: “This new funding will…ensure a high level of quality projects receive the support they need to get off the ground.”
Mr Fallon used his time at the Paris Air Show to speak to businesses about how they could benefit from the new funding, and he also spoke to leading figures from across Europe about what the UK is doing to maintain its position as a leader in the global aerospace industry.
His speech coincided with an announcement from the Midlands Aerospace Alliance, a regional trade body representing central England, which revealed that they expect turnover in the region’s aerospace sector to increase by 17 per cent this year.
