Aerospace Industry to receive £6 million Government Funding
An announcement form the Coalition Government has revealed that the UK Aerospace Industry could receive a funding boost of up to £6 million.
The Aeropsace industry in the UK is the second largest in the world, but many within the industry were complaining that it was under threat due to a number of factors such as increased globalisation, the contribution of air travel to climate change and an increase in competitors.
The UK has a long and prestigious reputation as a world leader within all areas of aerospace, including spring and component technology and has always been known for innovation and for bringing cutting edge technologies to the market.
However, aerospace, along with many other UK industries, has been affected by the economic downturn, mainly due to a drop in business investors who are willing to put their money into high risk technologies.
Those within the industry are hoping that the new funding will help to ensure that the UK holds it’s position as a world leader in aerospace technologies.
The funding is being made available through ‘The Highly Innovative Technology Enablers for Aerospace’ competition, through which companies can apply for collaborative R&D funding. The competition will open of February 13th and all expressions of interest must be received by 21st March.
For more information about how to enter visit http://www.innovateuk.org
January 24, 2012
