Why so secretive? Sunak blasted for ‘surreptitious’ industrial strategy May 18, 2023 A set of cross-party former business secretaries have launched a stinging attack on Rishi Sunak over his apparent lack of a cohesive industrial strategy. Ex-ministers Greg Clark, Peter Mandelson and Vince Cable told the Financial Times the Prime Minister was being so “surreptitious” that his strategy for industry was a “guilty secret”. Clark, Conservative business [...]
‘Most powerful rocket ever’: SpaceX’s Starship cleared for launch April 16, 2023 A super rocket that Elon Musk hopes will one day carry people to Mars and the moon has been cleared for its first orbital launch. The US Federal Aviation Administration (FAA) granted SpaceX a licence to launch the super heavy-lift launch vehicle, comprised of a rocket, dubbed Super Heavy, and spacecraft, dubbed Starship, into orbit [...]
UK economy on tightrope between recession and growth as exports slip but inflationary pressure eases in March April 3, 2023 Manufacturing fell in March, although fears the UK economy is entering a recession may be premature as inflation eased and average supplier lead times improved. The seasonally adjusted S&P Global /CIPS UK Manufacturing Purchasing Managers’ Index fell to 47.9 in March, down from February’s seven-month high of 49.3 and an earlier flash estimate of 48.0. [...]
Virgin Orbit shares crash back to earth after failed Cornwall space launch January 10, 2023 Virgin Orbit shares have come plummeting back to earth after its much-anticipated UK space launch failed last night. Shares for the Richard Branson-headed company dropped by 23 per cent on NASDAQ pre-trading and were trading down around 16 per cent this afternoon. It comes after the Virgin Orbit rocket, the first launch from UK soil, [...]
UK enters space race: where to watch the launch of Virgin Orbit’s Cosmic Girl January 9, 2023 Tonight sees the first launch of a space rocket via UK soil, with an expected launch window starting at 21:45pm tonight. The LauncherOne rocket be attached under the wing of a modified Boeing 747 owned by Virgin Orbit which will take off from Spaceport Cornwall at Newquay Airport. The mission, dubbed ‘Start Me Up’ mission is a collaborative effort [...]
Aerospace firm Velocity’s shares take off as it enters US market with $100m deal December 20, 2022 UK aerospace manufacturer Velocity has grabbed the attention of investors, after announcing its entry into the US market via a $100m (£82.2m) deal. Shares in the London-listed firm rocketed more than 70 per cent to 46p per share by early afternoon on Tuesday. The five-year deal with GKN Aerospace is expected to bring in $100m [...]
Mangata Networks to create over 550 UK jobs with satellite manufacturing site December 6, 2022 Telecoms company Mangata Networks is set to create up to 575 new jobs in the UK, as it plots a multi-million-pound satellite manufacturing site in Scotland. The move forms part of a nearly £84m grant, of which £54.5m has been injected by the Scottish government’s research and development body. The Glasgow-based company will pay back [...]
Ford receives £600m government loan to ramp up UK EV production December 1, 2022 Ford is set to ramp up production of electric vehicles in the UK following a £600m government loan. Through the UK Export Finance funding, the marque will increase its electric vehicle (EV) range from the current two models to nine within the next four years. The loan will boost a £125m investment into Ford’s EV [...]
Automotive sector calls on government to secure industry’s long-term future November 29, 2022 The UK automotive industry has called on the government to “take rapid action” and secure its long-term future, as the sector could contribute an additional £14bn to the economy. According to analysis published today by the Society of Motor Manufacturers and Traders (SMMT), the sector’s recovery is expected to gain momentum next year after two [...]
SMMT: Getting automotive back on track priority for 2023 November 25, 2022 Getting the automotive sector back on track is the top priority for 2023, according to the Society of Motor Manufacturers and Traders (SMMT). Chief executive Mike Hawes warned that a return to pre-Covid production levels was fundamental, “given the jobs, exports and economic contribution the automotive industry sustains.” “UK car makers are doing all they [...]