£365m worth of aerospace R&D projects have been approved “to ensure the UK’s continued position at the forefront of global aerospace.”
This is understood to be jointly funded by industry and government.
According to the Ministry of Defence, the Aerospace Growth Partnership, started in 2010, will publish a refreshed industrial strategy ‘Means of Ascent’ at Farnborough – demonstrating government and industry’s continued commitment to investment in UK’s technological edge.
A further £365m of new R&D projects have been approved to commence, jointly funded by HM Government and industry. This is part of a total £4billion joint R&D commitment over 13 years to 2026.
The Prime Minister 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 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.”
New supply chain competitiveness charter signed by 11 global industry members with a presence in the UK.