Aerospace Industry
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of Autumn Budget 2024 on the aerospace sector.
Answered by Sarah Jones
The Budget confirmed £975m over 5 years to the Aerospace sector. This provides continued stability and confidence for industry to invest in long-term R&D projects – delivering economic growth, supporting high skilled jobs across all parts of the UK, and advancing aviation’s net zero transition. Between 2013 and 2030, industry and government will invest over £5bn developing transformational aircraft technology. Long-term R&D co-investment is a core pillar of the Aerospace Growth Partnership’s 2022 strategy, where the UK sector committed to invest at least £20bn of further private investment to 2040 and abate 125 MtCO2 of UK attributable global aviation CO2 emissions.
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