Nearly £12 million of new funding for Bombardier was announced by Philip Hammond, the Chancellor of the Exchequer, during a visit to Northern Ireland at the end of July.

This will help the company to develop the thrust reverser for the new Airbus A320 NEO nacelle — an essential component for modern aircraft (www.bombardier.com).

Mr Hammond said: “We are backing Bombardier with £12 million of new money to help it develop cutting-edge technology — here in Northern Ireland — for modern aircraft.

"This will help to secure jobs for Northern Ireland’s economy and cement the UK’s role as a leading manufacturer of high-tech aircraft components.”

The Chancellor toured Bombardier’s production line for aircraft wings, and he welcomed the new orders for 60 A220 aircraft announced at the Farnborough International Airshow.

Aerospace is a key manufacturing sector for Northern Ireland, which has seen a 14.2% increase in productivity since 2010 — the fastest of all the UK regions.

The potential for further growth is being supported by investment in Ulster University, which has benefitted from £50 million of Government funding since 2015 for cutting-edge research and development.

The Chancellor also invited a City Deal bid for the Derry-Londonderry City Region.

This will give local councils, universities and businesses the chance to submit plans to Government on their priorities for driving forward economic growth and boosting productivity for the benefit of the city region and the whole of Northern Ireland.