GBP60 M from Chancellor's Budget Offers Aerospace Industry Opportunity to Grow
- ADS welcomes initiative to fund UK Centre of Aerodynamics
ADS today (Wednesday) warmly welcomed the Chancellor George Osborne’s Budget statement, in which it was announced that HM Government would fund the creation of a world class UK Centre for Aerodynamics with £60m.
The Centre will pull together existing testing and modelling facilities into a coherent virtual centre, and will be responsible for coordinating and supporting world-leading Research and Technology (R&T). Through the identification and development of new technologies, the Centre will pinpoint areas for increased investment to fund research which will ensure that the UK remains a competitive leader in the global aerospace market. In addition the research will de-risk radical new concepts in wing design and help deliver sustainable aviation by supporting the development of new technologies and more environmentally friendly aircraft.
Commercial Aircraft Leasing
The £60 million investment will be spread over two years, £10million of which will be capital investment to upgrade facilities, with £50m resource funding for delivering the research.
This initiative is the first output from the Aerospace Growth Partnership (AGP) work, which identified how such a centre could increase UK competitiveness. The AGP is jointly chaired by Mark Prisk MP, Minister of State for Business and Enterprise, and Marcus Bryson, Chair of ADS’s Civil Air Transport Board and CEO of GKN Aerospace. It brings together the industry and Government to take action to address barriers to growth, boost exports and high skilled job creation in the UK. It aims to ensure that the UK remains an attractive location for Aerospace companies to carry out work both on current and future generations of civil aircraft.
Mr. Bryson, said:
“As Co-Chair of the AGP, I am absolutely delighted to see the Chancellor’s recognition of the aerospace industry’s contribution to the nation’s economy and the announcement £60m for the creation of a UK Centre for Aerodynamics. World class aerodynamics capability is key to the industry’s pole position in the European Aerospace Industry and this investment will keep the UK at the forefront of this technology. Significantly, it will also provide companies with the confidence to further invest in UK aerospace.”
Graham Chisnall, Deputy CEO of ADS, said:
“This is an important achievement for the AGP, and demonstrates how industry and Government, working in partnership, can put in place the building blocks that will sustain the Aerospace industry in the coming years. Future market predictions suggest that the Aerospace market could be worth £352 billion for the UK between now and 2029 if it maintains its 17 per cent market share. With the announced investment, Aerospace will contribute even more effectively to the Government’s Growth agenda, by increasing its current £23 billion contribution to the UK economy. We look forward to working with the Government to deliver this promise.”
Your company’s press release on ASDNews and to thousands of other journalists and editors? Use our ASDWire press release distribution service.
Source : ADS Group UK