Recent figures released have showed that the UK aerospace industry is on track to deliver a record year.
October’s figures show that orders for new aircraft are up once again and deliveries are now on target to fly through last year’s record levels.
A two per cent increase in orders from last year, sees 1,136 aircraft rolling off the production line up to press, at a value of some £23bn to the UK economy. Last month also saw orders for new aircraft rise to levels not seen since 2013, a clear indication of the strength of UK aerospace industry and a massive opportunity for UK companies to increase productivity and lower the backlog of 13,325 – worth some £200Bn.
ADS chief, Paul Everitt, says that the growth in the industry is linked to the increase of investment in research and development, as well as a boost in productivity.
He said: “The UK’s aerospace industry sustains thousands of high-skill, high-value jobs, paying above the national average. As aerospace continues to demonstrate, prioritising investment in R&D drives up productivity growth, a link reinforced by the government last week with the announcement of an additional £4.7bn for funding innovation and new technology.
“Extra investment in new technology and innovation is one of the best ways to prepare our economy for the challenges that lie ahead. In aerospace, every £1 invested in R&D generates £7 for the wider economy. Continuing to invest in aerospace R&D enables UK companies to grow and compete successfully in tough global markets.”
If you would like to join our community and read more articles like this then please click here
ADS ADS Group Chief Executive Paul Everitt aerospace industry UK
Post written by: Vicky Maggiani
Vicky has worked in media for over 20 years and has a wealth of experience in editing and creating copy for a variety of sectors.
RELATED ARTICLES
April 22, 2024
Homeland - Unpacking R&D tax relief changes for A&D supply chains
New figures from the ONS show that R&D expenditure by UK businesses reached almost £50 billion in 2022, growing by
January 15, 2024
Homeland - North-west companies vital to UK defence
A visit to the North-west by Defence Secretary Grant Shapps has underlined the important role the region plays in UK
