BRITAIN’S aerospace industry will receive a £2bn funding boost over the next seven years after the government agreed a joint-venture with the sector.
Under the plans, unveiled yesterday, a new UK Aerospace Technology Institute will be created with experts from business and academia working together to ensure British research on the next generation of planes makes the transfer to the production line.
The state will provide £150m a year to the new enterprise from 2014-15, with industry matching the same amount. The government says this is almost entirely new funding. Businesses that have signed up to be part of the programme include Airbus, Bombardier and Rolls-Royce.