Aerospace Industry: Coronavirus

Department for Business, Energy and Industrial Strategy written question – answered on 17th September 2020.

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Photo of Lord Jones Lord Jones Labour

To ask Her Majesty's Government what plans they have to assist the UK aerospace industry in the light of the impact of the COVID-19 pandemic.

Photo of Lord Callanan Lord Callanan Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

We are supporting the aerospace industry through the Aerospace Growth Partnership, with £1.95 billion of funding for research and development (R&D), matched by industry, over 13 years up to 2026.

UK Research & Innovation (UKRI) is also providing £125 million to the Future Flight Challenge for research on greener ways of flying through advances in electric and autonomous flight technology, which is expected to generate an additional £175 million of match-funding from industry. We are also co-investing in aerospace productivity improvement and innovation programmes to support small and medium-sized businesses, backed with over £135 million of public funding.

In addition, the aerospace sector and its aviation customers are being supported with over £8.5 billion of support through the Bank of England’s Covid Corporate Financing Facility, grants for R&D, loan guarantees, and support for aerospace exports. We are in discussion with the sector, through the Aerospace Growth Partnership, about how to best support the industry to recover.

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