LONDON, Jan. 16 -- The ADS Group issued the following news release:
The Chancellor of the Exchequer, George Osborne will today announce a joint industry and government investment of Pounds60 million for the development of new high-tech aerospace technology at the Manufacturing Technology Centre in Coventry.
The announcement is made today at the Manufacturing Technology Centre, which the Chancellor visits to find out more about this world leading, fast growing UK sector.
This investment is part of the Pounds2 billion of joint government and industry funding for the Aerospace Technology Institute that will be invested in the sector over the next seven years. It will make sure the UK has the manufacturing capability needed to meet this growing global market, which already generates Pounds24 billion a year for the UK economy.
The Chancellor comments:
"Our long term economic plan is working and the economy is growing. But there is still work to do which is why we are working with industry to drive innovation and lead the global race in technology, engineering and manufacturing.
"We are already the best in Europe for aerospace and I want to do even better. Up to 27,000 new planes are needed between now and 2030, worth billions of pounds to the UK economy in contracts. That is why I am announcing today that, together with industry, we will invest around Pounds60 million in a dedicated facility for aerospace manufacturing as part of Pounds2 billion of support for this growing sector."
Paul Everitt, chief executive of aerospace trade organisation ADS Group commented:
"This announcement demonstrates the success of the Aerospace Growth Partnership and government's long term commitment to the sector's growth. Our world leading industry and innovative, partnership approach to growth is drawing the attention of other leading countries such as the US and Germany, while also encouraging individual companies to increase their investment in the UK."
The UK is currently number one for the aerospace industry in Europe and second only to the United States globally. The aerospace facility will allow companies to develop new materials such as lightweight carbon fibre for use in planes, jet engines and civil helicopters that will be exported around the world.
The funding will also support the creation of a national centre for 'Additive Manufacturing' (so-called 3D printing technology), to develop new products for aero-engines and aircraft landing gears, as well as automotive and medical devices.
Commenting on the announcement Business Secretary Vince Cable will say:
"Britain has a world beating aerospace industry, second only to the United States. But to keep it that way we must continue to invest in the latest cutting edge technology. These new facilities, funded from the Pounds2 billion committed by government and industry for aerospace research and development, will help us maintain our competitive edge in the sector.
"The aerospace industrial strategy, which government has developed jointly with industry, is giving businesses the confidence to invest in the UK, creating more high-skilled, long-term jobs."
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