£25m boost for UK aerospace R&D
The government has unveiled plans for up to £25million of research funding to help Britain capitalise on fast growing global demand for advanced aerospace technologies.
Announcing the funds at the Paris Air Show yesterday, Business and Energy Minister Michael Fallon, said: "We have a world leading aerospace sector underscored by our ability to excel in areas like R&D. 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.
"This new funding will help to do just that and also ensure a high level of quality projects receive the support they need to get off the ground."
The £25m investment is part of a government commitment of some £1.6billion over the next 10 years to back its industrial strategy.
The capital will be made available through the Technology Strategy Board (TSB), and will require matching funds from winning businesses.
Fallon is targeting small and medium-sized aerospace suppliers. Businesses will be invited to make a bid for a share of the funding later in the year.
