The Business Secretary Sajid Javid announced earlier this month that the Government and industry have committed to providing almost £365 million of funding for new aerospace technologies.

The news, which was timed to coincide with the Farnborough International Airshow, builds on the £1.2 billion of funding that the Government has already jointly invested through the Aerospace Technology Institute (ATI), which has contributed to 149 new projects involving 188 different companies and organisations (including over 100 SMEs).

Mr Javid said that, as part of the new funding, research projects will target different aspects of aircraft manufacturing and performance, “driving up competitiveness, lowering costs and helping to deliver environment-friendly aircraft with lower emissions and reduced noise”.

He added: “Aerospace is a vitally important industry for the UK. It is one of our great manufacturing success stories, supporting over 230,000 jobs and generating over £30 billion a year for the economy. We are ‘number one’ in Europe and world leaders in innovation, design and manufacturing parts for planes.

“With the Government and industry investing nearly £4 billion by 2026, we are showing our continued commitment to this vital sector and our intention to keep the UK’s world-beating status. I am proud of our record supporting our great aero industry, and we will continue to do all we can to help this high-flying sector soar to even greater heights.”