PRESS RELEASE : Keir Starmer boosts UK aerospace industry with £975 million to drive growth and jobs [November 2024]
The press release issued by 10 Downing Street on 14 November 2024.
Thousands of highly skilled jobs will be supported across the UK as the Prime Minister throws his support behind the aerospace industry – with £975 million over the next 5 years for this key growth sector.
In a boost for aerospace centres in places like Broughton, Filton and Derby, the Government has extended the Aerospace Technology Institute (ATI) Programme. The extension will speed up innovation, create job opportunities and support an industry that is a source of pride for communities across Britain.
The Prime Minister will today (Friday 15 November) make his first visit to Wales since the Budget, which has one of the largest aerospace clusters in the world, employing over 20,000 people.
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.
The government’s investment provides industry with long-term confidence in the UK as a place to in turn invest in cutting-edge aerospace technology and help extend the UK’s global lead in wings and engine manufacturing, whilst working to deliver zero-emission flights. Bidding for the funding will open in January, with projects expected to begin from the Autumn.
Aerospace will also be at the heart of the government’s Industrial Strategy, while also having an important global role in achieving our Net Zero targets and defence, with the RAF and Royal Navy both relying on its technology.
Business and Trade Secretary Jonathan Reynolds 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.
Ahead of the visit, the Prime Minister has also confirmed £49 million 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.
The Prime Minister added:
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.
First Minister Eluned Morgan said:
Wales is a cornerstone of the UK’s Aerospace industry, with over 20,000 people employed here in high quality, skilled jobs in the Aerospace and Defence sectors.
I welcome today’s news, another in a succession of job announcements for Wales this autumn.
Airbus UK Chairman John Harrison 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.
