UK aerospace is the powerhouse of our advanced manufacturing sector. Britain is Europe’s leading aerospace manufacturing nation, second only to the United States in world terms. With 17% of the entire global market it supplies high-value, high-tech components for almost every major aircraft platform.
Over 3,000 companies, from small components manufacturers to the biggest (‘prime’) contractors, work in all parts of the Kingdom, with 80% of jobs outside London and the South East. Productivity has grown by 50% since 2009, some twenty times the rate of the economy as a whole.
The benefits are felt in every sphere of economic life. UK aerospace has contributed to:
• Delivery of 1,400 aircraft, worth £23 billion in 2015 alone
• Generates over £31 billion in turnover
• Exports over 90% of its production, earning Britain £27 billion a year
• Directly employs over 128,000 people – 26,000 in research, design and engineering – and supports an additional 154,000 jobs
• Pays an average salary of £40,500
Greener, quieter and more economical aircraft worth over £5.5 trillion will be required over the next 20 years. This is a great opportunity given our leading capability in complex, high value components and emerging technologies.
In order to seize this opportunity, we need to invest even more in the next generation skills, in truly radical technologies and processes and in increased productivity and competitiveness throughout the supply chain.