Government pumps millions into aerospace technology companies

 
Lauren Fedor
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Small business minister Anna Soubry plans to pump millions of taxpayer money into tech
Small technology firms will be able to compete for £10m in subsidies under a new government scheme announced yesterday.

Speaking at the opening of a new aerospace research facility in Coventry, small business minister Anna Soubry said that the competition aimed to find “game-changing” aerospace technologies.

Soubry also announced four new projects with larger firms that would receive £23m in government support, including a £7.2m grant for aircraft manufacturer Airbus to research airplane wings, and £6.4m for manufacturer Spirit AeroSystems to explore new supply chain technologies.

“Demand for new aircraft is at record levels. Around 45,000 new aircraft and 40,000 helicopters are needed between now and 2032, worth over $5 trillion (£3.16 trillion),” Soubry said. “This will provide billions of pounds of work to the UK economy given our leading capability in wings, engines, helicopters, advanced systems and services.”

She added: “Getting this right will deliver economic benefit through our large, mid-sized and small companies across the breadth of the country.”

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