British Prime Minister Keir Starmer has announced a $1.24 billion funding opportunity over five years for the aerospace industry under the extended Aerospace Technology Institute Programme.
Industry players can submit funding applications beginning in January 2025, with awardees expected to start working on their proposed projects in the autumn.
According to the Prime Minister’s Office, the investment signals the government’s long-term commitment to supporting the industry in developing cutting-edge aerospace technology, including those that could help achieve net zero emission goals. The funding will also allow the United Kingdom to position itself as the global leader in wings and engine manufacturing.
Business and Trade Secretary Jonathan Reynolds said the investment will speed up economic growth, noting that the aerospace sector contributed almost $50.69 billion to the British economy in 2023.
Airbus UK Chairman John Harrison welcomed the funding opportunity, noting that it supports the government’s research and development and growth plan and acknowledges the industry’s role in the U.K. industrial strategy.
On Friday, Starmer was expected to visit Wales, where over 20,000 people work in the aerospace and defense sectors. Before his arrival, he confirmed allocating $62.08 million for aerospace projects in the region. First Minister of Wales Eluned Morgan welcomed the investment and described Wales as “a cornerstone of the UK’s Aerospace industry.”