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Business News

Nick Clegg due to boost aerospace

The£24bn UK aerospace industry will receive a welcome boost tomorrow when a government-led investment plan worth hundreds of millions of pounds is due to be announced by Deputy Prime Minister Nick Clegg.

Mr Clegg is expected to say that, under the Aerospace Growth Partnership – a body that brings together government and industry – the money will be poured into projects to help Britain grab a bigger market share. Around 27,000 new large civil aeroplanes will be needed by 2030, while 100,000 people already work in the British aerospace industry.

The investment announced tomorrow is on top of £120m committed to aerospace research when the partnership was launched at last year's Farnborough International Airshow by Business Secretary Vince Cable. The money has already funded 500 post-grad degrees in aeronautical engineering and a Rolls-Royce project to develop low carbon engines.