Aerospace Industry: Finance
The question
To ask the Secretary of State for Business and Trade, with reference to the press release of 14 November 2024 entitled PM boosts UK aerospace industry with £975 million to drive growth and jobs, how much of that funding will be spent in each of the devolved administrations.
Answered by Sarah Jones
The Budget confirmed £975m over 5 years to the Aerospace sector, which will be delivered through the Aerospace Technology Institute Programme. UK based industry applications for R&D co-investment from the Programme enter a competitive process. Competition for funding is fierce and only the best projects are selected: those that offer real innovation, reduced emissions, and tangible UK economic benefits. As the Programme is industry led and competitive the budget is not pre-allocated to regions or devolved administrations.
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