ADS also led the debate on how the UK can remain a leader in a global marketplace showing increasing competition from the emerging nations. Vince Cable MP, Secretary of State for the Department for Business Innovation and Skills and co-chair of the Aerospace Business Leaders group, said: “With around 100,000 people employed all around the country and contributing around £23 billion a year to our economy, the aerospace sector is central to our plans to rebalance the economy. “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 Air Show 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.” Graham Chisnall, deputy chief executive and managing director aerospace of ADS, said: “As a highly successful exporter with over 70% by value being exported – the UK is a world leader in aerospace second only to the US, and one of the few UK industries to have actually grown during the recession. “Such growth and success originates from investment begun as far back as the 1980s, and it is over the next 5-6 years that the future success of the UK Aerospace industry will be decided. Aerospace relies upon investment cycles that can span decades. Therefore industry needs to work with both Government and Academia to ensure that the UK positions itself to maintain leadership in the next generation of aircraft technology against the increasing competition from the emerging nations. “Today's Aerospace Business Leader's Meeting, which allowed the leading lights of UK Aerospace to discuss these important areas with both Vince Cable and Mark Prisk, Minister of State for Business and Enterprise, demonstrates the importance Government places on a competitive aerospace industry. As an industry we look forward to working jointly with Government towards the successful future of a key component in the UK's advanced manufacturing engine.” www.adsgroup.org.uk
