2 minute read - 18th November 2024
£975m funding boost for aerospace sector to drive growth and jobs
In a boost for key aerospace hubs including Broughton, Filton and Derby, the government has extended the Aerospace Technology Institute (ATI) Programme, representing a £975m investment over the next five years. The extension, expected to support thousands of highly skilled jobs, will speed up innovation, create job opportunities and provide long-term confidence in the UK as a place to invest in cutting-edge aerospace technology.
The government says the investment will also help to extend the UK’s global lead in wings and engine manufacturing, whilst working to deliver zero-emission flight technologies. Bidding for the funding will open in January 2025, with projects expected to begin in the autumn.
The government added that aerospace will be at the heart of the Industrial Strategy, reinforcing its pivotal role in national security and defence, and its global role in achieving net zero targets.
The Prime Minister has also confirmed £49m worth of aerospace projects in Wales. When combined, the South West and Wales design and assemble around half of the world’s large civil aircraft wings.
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The government has extended the Aerospace Technology Institute (ATI) Programme, representing a £975m investment over the next five years / Picture: Getty/iStock | Ricky Deacon
Prime Minister Keir Starmer, said: “From modern aircraft engines to helicopters, the UK’s aerospace industry is truly world-class. The UK is at the forefront of cutting-edge aerospace industry, and by accelerating our investment, we will unlock the tech of the future and take a crucial step forward in our mission to deliver growth and opportunity across our country. Growth is the defining mission of this government, and our investment will drive forward the future of the aerospace industry in Wales. Working in partnership with the Welsh Government, backed by the largest ever Budget settlement, we are determined to deliver the jobs and opportunities that will make working people feel better off.”
Jonathan Reynolds, business and trade secretary, said: “Our world-class aerospace sector added almost £40 billion to the economy last year, supporting high-skilled jobs in every part of the UK. Backing the sector with this funding will ensure the UK can continue to pioneer new technologies, all while delivering the economic growth that will be felt in communities across the country.
John Harrison, chairman of Airbus UK, said: “The commitment of £975m for the aerospace sector over five years offers certainty for long-term sustainable aviation investment and highly skilled jobs, delivering on the UK’s R&D and growth plan and acknowledging aerospace’s key role in the upcoming Industrial Strategy.”
The Aerospace Technology Institute is an independent, not-for-profit organisation, that creates the technology strategy for UK aerospace and supports the UK civil aerospace sector. It funds world-class research and development projects to secure jobs, maintain skills and deliver economic benefits across the UK.
