UK aerospace projects to share £60m funding
Seven cutting edge aerospace projects have been selected to share £60million of funding, as part of a government-backed plan to keep the UK at the forefront of the global aerospace market.
The money has been allocated by the Aerospace Technology Institute (ATI), which will see government and industry jointly invest £2billion over the next seven years in new technology and manufacturing, securing up to 115,000 high value jobs in aerospace and its supply chain.
Speaking at the Aerospace Growth Partnership technology showcase, Business Minister Michael Fallon said: "We are jointly funding the Aerospace Technology Institute to the tune of £2bn so it can develop technology for the next generation of quieter, more energy efficient and environmentally friendly planes.
"Getting this right will mean more of the research and development needed to win work on the planes and helicopters of the future will happen here in the UK."
The money has been awarded as part of the Aerospace Industrial Strategy, a long term economic plan which sets out how to keep the UK industry globally competitive in the face of increasing international competition and changes in technology.
The seven projects will receive £29.8m from government with the remainder of the £58.2m investment contributed by industry.
