Contractors could benefit from £2bn UK aerospace investment
A large investment into the UK aerospace industry could well benefit contractors working in the sector, as it is thought that it’ll create thousands of new job opportunities.
The government is to invest £1billion into an aerospace industry strategy, which will be added to a further £1billion funded by the industry.
The key use of this investment will be put toward an Aerospace Technology Institute (ATI), which will make it possible for industry and academic researchers to develop the technology to create more energy efficient and quieter aircraft.
The project: ‘Lifting Off: Implementing the Strategic Vision for UK Aerospace’, has predicted that this ATI development will create up to 115,000 new job opportunities. The sector already employs over 230,000 people across 3,000 companies in the UK.
The funding will also include the creation an Aerospace Finance Forum, which will look to encourage firms to work with banks in order to access financial issues frequently seen within the industry. This is due to the fact that aerospace firms often face heavy up-front investment costs and long timescales before making a return.
Technical recruiter Morson International is very much supportive of the ATI, as Julian Garrett, managing director of engineering design specialist arm Morson Projects, explains that it will be: “A much needed focus that allows the UK supply chain to continue to maintain its leading position as a world-class supplier of technical services and products.”
Morson’s operations director, Adrian Adair, added, “The UK has got to stay at the forefront of technology; it is our USP now that manufacturing has travelled further East. This collaborative approach to the support of the UK aerospace industry is key to its continuing success, both immediately and in the long term.”
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