The aerospace industry has increased in value by £3bn in 2015, with a new aircraft ordered on average every four hours and delivered every 6.5 hours globally, according to data from aerospace trade body ADS Group.
Production of commercial aircraft in the country is up almost 50 per cent since 2009, as the government faces calls to protect the industry from international competition. Business secretary Sajid Javid said: “By committing an extra £900 million in aerospace research and development up to 2026 we’re giving the aero industry the chance to reach new heights.”
Paul Everitt, chief executive at ADS Group said: “£23bn is a huge sum at a time when many other sectors are under pressure.
Everitt warned however: “Continuing to grow our share of the global marketplace in the face of fierce competition is an on-going challenge.”
Last month industry giant Airbus claimed to have edged ahead of rival Boeing in 2015, winning orders for over 1,000 new planes.