Vince Cable announces £120m investment for UK aerospace industry

Business

efficient secretary said he hopes will help maintain the UK's status as the largest aerospace industry in Europe

business secretary Vince Cable has moved to the specter of decades of failed paris "winners" of the industry rise government support for aerospace with a £ 120m funding announcement.

Cable welcomed the investment, which includes funding for the engines low carbon, as a key step in maintaining the UK's position as the second largest producer in the global industry of aerospace. The industry is on the verge of rapid expansion in the coming decades, driven by demand from emerging markets for new planes million pounds in potential exports for British companies.

Recent injection of cash into the sector will be divided between the taxpayer and the private sector, led by an investment of £ 40 million each in a program led by Rolls-Royce to develop engines had greener. The announcement is supplemented by joint investment of £ 15 million in research and development 11 pounds 6m in education 500 aeronautical engineers to master and an investment of 20 million euros in the aerospace industry a center of excellence for aerodynamics.

Speaking at the Farnborough Air Show, Cable said the government did not hesitate to show bias toward certain sectors - the extension of a policy change that began plan during the previous administration scrapped car in 2008/2009. Before that, the government's attempts to collect favored companies that manufacturer British Leyland in 1970 were considered costly failures.

he said. "In the past, we were rather inhibited in government have been accused of picking winners

• "But I'm not at all ashamed to say that this area is one of our winners. There is nothing wrong with the government to get behind performing sectors of the economy."
• Airbus, one of the largest customers of the aviation industry in the UK, said the announcement of the cable into the engine at low carbon - which runs a program launched in 2009 - Large Britain maintained through the development of new aircraft to succeed the A320neo and A380. Günter Butschek, head of Airbus COO responsible for manufacturing, said: "This is the right time to make this commitment because 95% of our commitments to research and development of ecology, especially in the energy efficiency of this commitment is directed towards it. objectives means that the UK is in perfect harmony with the general direction towards the next generation of aircraft. "

Airbus, with its U.S. rival Boeing using the Farnborough Airshow this week to fight for new orders. Boeing was the winner of the second day, as awarded two prizes worth a little over $ 11 billion (EUR 7.1 billion) for its short 737 remodeled including GE Capital Aviation Services, Rental commercial aircraft and the financial arm of General Electric. Meanwhile, Cathay Pacific Airbus says it has placed a firm order worth $ 4.2 billion for its long-haul A350-1000.

Boeing sees demand for 34,000 new aircraft over the next 20 years, which equates to $ 4.5tn sales and double the current fleet of commercial aircraft in the world.

Cable announced the investment of £ 120m next to a "strategic vision" for the British aerospace industry developed by the Aerospace Growth Partnership -. Composed of representatives of government and the private sector

The secretary said that the company's strategy to maintain the UK's status as host of the aviation industry in the world and the second largest in Europe. The vision includes the creation of a banking forum aerospace to help SMEs to obtain financing from banks and closer financial institutions. "We recognize there is a problem and every time I go there companies that manufacture reinforce this message."
cable added that he was interested in creating an equivalent to the Aerospace Growth Partnership for the defense industry, which has expressed concern about the apparent lack of a strategic plan to support joined-up government defense contractors. "We have a strategic objective of the class we have for the aerospace industry," he said.

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