Advancing UK Aerospace, Defence, Security & Space Solutions Worldwide
  • Home
  • /
  • Aerospace
  • /
  • Budget provides some support for UK aerospace, defence, space and security sectors

Aerospace

Budget provides some support for UK aerospace, defence, space and security sectors

Today the Chancellor Rishi Sunak set out his Budget, announcing measures including an increase in overall R&D investment to £22bn a year by 2024-25 and increasing the rate of R&D Expenditure Credit from 12% to 13%.

Government investment in future technology will include investment of £900m to support UK businesses in developing high-potential technologies, including through the National Space Strategy and space innovation fund, and £800m in a new “blue skies” research agency.

For defence, the Budget announced a £1bn facility for UK Export Finance to support overseas buyers of UK defence and security goods and services, as well as additional investment of £100 million in Defence R&D, developing capabilities in response to threats facing the UK, including funding for cutting-edge technology in aviation and space propulsion.

Advertisement
Marshall RT

In skills funding, there is support for science, technology, engineering and maths (STEM) teaching, including capital investment for up to eight new Institutes of Technology.

ADS Chief Executive Paul Everitt (above) said: “Today’s Budget showed welcome intent from the Government to make a substantial increase in R&D investment that supports our industries in developing and manufacturing advanced new technologies in the UK.

Advertisement
ODU RT

“We asked the Treasury to boost R&D funding in the space sector and I am pleased to see the Chancellor announce investment in the National Space Strategy and space innovation fund, as well as £100m in defence sector R&D.

“We look forward to the Government announcing detailed spending plans in July and hope to see long-term commitment to the Aerospace Technology Institute. Joint investment by Government and industry boosts our long-term competitiveness and holds the key to delivering long-term growth in all nations and regions of the UK.”

 

Advertisement
Advanced Navigation LB 1
British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

Aerospace

British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

28 March 2024

Aviation leaders Shai Weiss, CEO of Virgin Atlantic and Sean Doyle, CEO of British Airways as keynote speakers at the Sustainable Skies World Summit 2024.

Airframe Designs helps to lead additive manufacturing industry body

Aerospace

Airframe Designs helps to lead additive manufacturing industry body

27 March 2024

Airframe Designs has joined a national industry body to help lead the development of additive manufacturing and 3D printing in the UK.

Leonardo secures presence at Bahrain International Airshow

Aerospace Defence Events

Leonardo secures presence at Bahrain International Airshow

26 March 2024

Italian aerospace, defence and security firm, Leonardo has secured its presence at the Bahrain International Airshow for the seventh year.

Made Smarter and tech institutes to demystify digital transformation

Aerospace

Made Smarter and tech institutes to demystify digital transformation

26 March 2024

Made Smarter and leading technology demonstrators have joined forces to demystify digital transformation with a new white paper.

Advertisement
Marshall RT
Britten-Norman secures new investment

Aerospace

Britten-Norman secures new investment

25 March 2024

Britten Norman has secured new investment from a group of investors led by 4D Capital Partners LLP (“4D”) The new investors are making funds available to Britten-Norman to fund working capital and to drive successful long-term growth.

First disability flying lessons to be launched at Kent airport

Aerospace

First disability flying lessons to be launched at Kent airport

25 March 2024

The UK’s disabled flying charity Aerobility has partnered with Lydd Aero Club in Kent to provide opportunities for lessons and experience flights for people living with disabilities, at Kent airport.

Advertisement
Advanced Navigation RT