LONDON: The UK prime minister Theresa May announced £343 million research funding for ‘green’ aircraft technology on Monday as she insisted her Brexit strategy would cement the country’s place as a leading aerospace nation.
Mrs May opens the world’s second largest airshow on Monday at Farnborough, southern England, where trading deals worth billions of pounds have been struck in previous years, report Agencies.This year’s show follows concerns expressed by the industry that Britain’s decision to leave the European Union could have a major impact on the industry. The aeronautical giant Airbus, which employs 14,000 people, last month threatened to leave the UK if the government failed to strike a deal that would guarantee its supply lines with Europe.
An industry report last year found that annual turnover for the UK aerospace output was £32 billion in 2017 and employed 120,000 people in the UK.
Mrs May will claim that a deal struck with her Cabinet earlier this month – but resulted in three ministers quitting – would ensure frictionless trade with Europe, relied on by major industry players such as Bombardier, Rolls-Royce and Airbus.
"We can all feel incredibly proud of our position as a leading aerospace nation,” Mrs May was due to say in comments released ahead of her speech.