Deputy prime minister Nick Clegg is at Airbus’s Filton plant today to announce a multi-million pound Government investment in the UK aerospace industry.
Under the plans announced today, the Government will pledge to match-fund investment by companies in the sector over the next few years.
The funding will be detailed by Mr Clegg during his vtour of Filton, where Airbus employs 4,000 people designing wings for all its aircraft.
The plans are the result of an existing Government initiative to support the industry, called the Aerospace Growth Partnership.
The UK aerospace industry currently holds a 17% share of the global market, according to industry body ADS. Half the world’s modern large aircraft fly on Airbus wings manufactured in the UK.
However, British aerospace faces increasing competition from not just traditional rivals, but also from developing manufacturing powers.
