Orders boost for aerospace industry
12:18am Tuesday 28th January 2014 in © Press Association 2014
The UK aerospace industry has nine years of work lined up after a huge increase in worldwide orders for commercial aircraft, new figures have showed.
Orders last year could be worth £40 billion for the UK economy, said trade organisation ADS.
Commercial aircraft orders last year increased by 28% to 3,182 and deliveries rose by 7%.
The industry now employs over 100,000 direct workers in the UK and 130,000 in supplier firms.
Paul Everitt, chief executive of ADS, said: " Global demand for new aircraft and engines is generating new demand and opportunity for the UK aerospace industry. The 7% increase in new aircraft deliveries and the 17% increase in the aircraft order book makes 2013 one of the most successful years on record.
"To maintain the UK's share of this fast growing market we must increase investment in technology, innovation and skills."
Business Secretary Vince Cable said: "These figures highlight the opportunities for growth in the aerospace industry and the potential rewards that British businesses could reap. That is why Government and industry are forming a long-term partnership to keep Britain at the forefront of the global aerospace market.
"Together we have committed £2 billion over the next seven years to create an Aerospace Technology Institute to help us win work on developing and building the planes and helicopters of the future, here in the UK."