Kunal Sawhney: £90 Million Investment for Aerospace Projects to Help Secure 1,400 Jobs

Written by Kunal Sawhney, CEO, Kalkine Group

Supporting the ailing industries and bouncing back to the previous number of regularly employed people are some of the key areas on which the government has been working after the Covid-19 pandemic dismantled the business functioning at the core, leaving hundreds of thousands jobless over the course of the last 12-month period.

Aerospace and aviation is one of the sectors that took a massive beating due to the pandemic-induced lockdowns and restrictions. In order to assist the industry, the government has announced monetary support equivalent to approximately £90 million.

Securing thousands of payrolls

The said multi-million investment has been set out for backing five innovative projects that are expected to bolster aerospace manufacturing in the UK. Alongside encouraging the sector, the funding boost has been orchestrated to help secure as many as 1,400 jobs in the aerospace manufacturing industry.

The funding support by the government will be channelised through the Aerospace Technology Institute Programme. The primary objective for the monetary aid is to develop the technology to make the production lines more cost-effective, efficient and quick, effectively enhancing the manufacturing process within the aerospace industry.

Further, providing a cushion for the deprived sector is expected to help the UK aerospace manufacturing industry in the competitive market as the nation recovers from the pandemic-steered standstill in the commercial operations, thereby further safeguarding the manufacturing potential of the UK.

With a focus on community benefits and boosting the local growth, the funding support to the five aerospace projects has the potential to secure nearly 1,400 jobs in the widespread geography across the UK, from South Wales to Somerset and Bristol to Belfast.

Dire need of support

With the UK’s target of reopening businesses, local enterprises and the industries that had to shut their operations due to restricted guidance, such monetary backings are likely to underpin the sectors, helping them to catalyse the recovery as the pandemic has distorted the operations in a never-seen-before manner.

Moreover, reinforcing ailing industries will make more likely improving the export-import framework, especially due to the aftermath of Brexit and the bunch of upgradations that are required to be done by the corporations post completion of the Brexit transition period, and the implementation of zero trade and zero quote cross-border trading arrangement.

Focus areas

The aerospace and aviation industry has remained crucial, as far as providing in-house solutions for the services and repair works for aircrafts is concerned. Locally-developed components bear a competitive advantage, and help in reducing the cost of procurement by home-grown enterprises involved in the aviation business. Also, the sector has a significant role to play in achieving the net-zero target of the government.

Lightweight materials for aircraft and components that are designed to lessen the effective fuel consumption are some of the key domains in which the ongoing projects are slated to utilise the funding. Other than this, the focus of projects is on developing in-house parts for the aircraft that can be used in electric and future hybrid planes.

Larger objective

Conclusively, the objective is to develop certain parts and automotive components that are sustainable in nature, helping the aerospace industry becoming greener as it adapts to more environment-friendly travel over the upcoming decades.

With a target to revamp the aerospace industry and the transport system in the forthcoming years, the government has been proceeding ahead with its R&D roadmap and is expected to increase the public spending research and development to £22 billion per year by 2024-25.

The Aviation Decarbonisation Strategy is scheduled to provide consultation to the government later this year as a part of the Prime Minister’s Ten Point Plan for the industrial revolution in the UK. Alongside reducing the carbon emissions from passenger vehicles, the government is also working to institute net-zero jets and a low-carbon aviation framework to achieve the overall net-zero target by 2050.

About Lisa Baker, Editor 765 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.