A recent Government and leading aerospace operators joint commitment created the Aerospace Technology Institute, focusing on consolidating the UK’s leading edge in research and development of aerospace technologies.
Now the Business and Energy Minister Michael Fallon has announced that the first part of the £2billion project will be a fund aimed at helping small and medium aerospace suppliers.
A £25million fund has been set up that will be matched by any winning bidders when the call to submit interest closes at the end of the year, creating £50million overall investment in research and technology projects amongst SME aerospace operators. On the day the fund was unveiled, the Government also announced the £40 National Aerospace Technology Exploitation Programme (NATEP) that aims to address skills shortages and improve collaborative efforts boost research and development innovation in the UK.
The news has been warmly received by Samuel Rickard, who works for tax and payroll advice experts PayMatters: “It’s another demonstration that the Government is serious about retaining the UK’s leading edge in aerospace at all levels. We’ve all seen just how important aerospace is to the UK’s economic portfolio with the recent publication of the KPMG report into the industry, which estimates UK market share at £474billion by 2031.
Samuel continues “The structure in place further solidifies the UK aerospace industry’s strong foundations, as there is a clear symbiosis between industry players and Government policy makers. Outside investors can see this, recognising that there is a long-term strategy in place and making the UK a very attractive investment prospect. In terms of how the aerospace jobs market will benefit, we would envisage a growing need for contractors and skilled engineers to train, re-train and work within the sector developing exciting new products. It is fantastic news for our clients and partners.”
PayMatters are APSCo accredited, professional passport approved and are business partners with the Institute Of Recruiters (IOR). PayMatters pride themselves on being fully HMRC compliant from an employers and employees NI, PAYE and expense perspective. For further information please contact Samuel Rickard, Account Executive on 01625 546 610, firstname.lastname@example.org