The fund will be jointly provided by government and industry over the next seven years at £150 million each per year and will help support the UK aerospace industry in retaining its world leading position in the face of increasing global competition.
“The UK aerospace industry is the largest in Europe and second only to the US globally,” said Paul Everitt, chief executive of ADS Group, a trade organisation for the UK aerospace, defence, security and space industries. “The sector is a large employer and makes a significant contribution to the UK economy so it is critical that it is supported in maximising opportunities in the future. This strategy and important, long-term investment will benefit around 3,000 companies from the smallest SME through to large global firms.”
According to ADS, the ATI will bring a single, national focus to research and facilities in the sector, allowing industry and academia to develop technology that will build on the UK sector’s strengths and help ensure that R&D investment is made in the right way to win future aircraft programmes. The investment will support businesses including many small and medium-sized enterprises and could secure up to 115,000 high value jobs in the aerospace sector and its supply chain. “To ensure the UK aerospace industry remains second only to the United States the industrial strategy focuses on investment in four key, high value areas of modern aircraft where we excel – aerodynamics, propulsion, aerostructures and advanced systems,” it said in a press release. “With the next generation of aircraft set to feature substantially different technologies from those used today, the focus on these four key areas will ensure our position is protected in the face of growing international competition.”
The AGP is jointly chaired by Michael Fallon, UK Minister of State at the Department for Business, Innovation and Skills (BIS), and Marcus Bryson, CEO of GKN Aerospace & Land Systems.
The investment was welcomed by Bryson. “The UK is already at the forefront of the global aerospace industry," he said. "Tens of thousands of large commercial aircraft are expected to be built over the next 20 years and today’s announcement is a very important vote of confidence in the UK sector’s capability to win an ever greater share of this market. It will help position the UK at the leading edge of new technologies and ensure we retain our world-class capabilities in aerospace manufacture. The creation of an Aerospace Technology Institute puts the UK in a strong position to deliver the technologies, skills, capabilities and investment we need to take advantage of the exciting growth opportunities that are forecast for the sector.
Nigel Stein, chief executive of GKN plc, said the company is delighted to be a part of this initiative, "which will not only strengthen the UK’s position in the sector and generate new jobs but also help the overall well-being of the country’s economy." Find us on Google? Click here to sign up to our weekly e-newsletter and get news sent directly to your inbox!
