Gov Pushes Aerospace Business Take Off

Business Secretary Vince Cable has said he plans to address barriers to growth, boost exports and increase the number of high value jobs in the UK's Aerospace industry.

During an Aerospace Business Leaders meeting this week - involving top executives from Airbus, Rolls-Royce, Bombardier Aerospace, GKN, Finmeccanica and ADS – Vince Cable said he discussed opportunities for growth in the UK aerospace sector.

The meeting also looked forward to the planning of the 2012 Farnborough Air Show.

Business Secretary and co-chair of the Aerospace Business Leaders group Vince Cable, said: “With around 100,000 people employed all around the country and contributing around £23bn a year to our economy, the aerospace sector is central to our plans to rebalance the economy.

”The global aerospace market is constantly changing, it is important that Government works closely with our leading businesses to provide support and help the industry maintain its world leading position. The internationally renowned Farnborough Air show next year, gives us an ideal opportunity to showcase the very best that British aerospace manufacturers have to offer.

The Business Secretary added that the UK's aerospace companies also had a diverse supply chain of some 3,500 companies in total, most of which were small to medium sized enterprises.

However, he said the evidence was that the UK aerospace supply chain was losing work overseas and announced a fund of up to £125 million to help reverse the trend.

(DW)