Growth in aerospace industry at the top of the agenda

Business Secretary Vince Cable earlier this week hosted an Aerospace Business Leaders meeting - involving top executives from Airbus, Rolls-Royce, Bombardier Aerospace, GKN, Finmeccanica and ADS – to discuss the opportunities for growth in the UK aerospace sector.    The high level meeting discussed how, working together, the industry and Government can address barriers to growth, boost exports and increase the number of high value jobs in the UK. The meeting also looked forward to the planning of the 2012 Farnborough Airshow. “With around 100,000 people employed all around the country and contributing around £23bn a year to our economy, the aerospace sector is central to our plans to rebalance the economy,” stated Business Secretary and co-chair of the Aerospace Business Leaders group Vince Cable. “The global aerospace market is constantly changing, it is important that Government works closely with our leading businesses to provide support and help the industry maintain its world leading position. The internationally renowned Farnborough Airshow next year, gives us an ideal opportunity to showcase the very best that British aerospace manufacturers have to offer. ”Our aerospace companies also have a diverse supply chain of some 3,500 companies in total, most of which are SMEs. However the evidence is that the UK aerospace supply chain is losing work overseas. That's why we announced a fund of up to £125 million to help reverse this trend and ensure that the sector can benefit from the massive growth that will take place in the global aerospace market over the next 20 years.” Action from previous meetings of the Aerospace Business Leaders forum is already underway through the Aerospace Growth Partnership - chaired jointly by Mark Prisk (Minister of State for Business and Enterprise) and Marcus Bryson (CEO of GKN Aerospace) - with wide representation from business, government and academia. www.bis.gov.uk