The aerospace industry - much of which is based in the west - and the Government have announced a £2 billion investment, split between them, to keep the UK at the forefront of global manufacturing.
The money, which is being invested over a seven-year period, will be used to create a UK Aerospace Technology Institute.
It is estimated it will, in the long term, secure up to 115,000 jobs in the aerospace industry and its supply chain.
The announcement was made by the Deputy Prime Minister Nick Clegg during his visit to Airbus in Filton in South Gloucestershire.
Among the firms taking part in the Aerospace Technology Institute are Airbus, GKN Aerospace, Rolls-Royce, ADS, Messier-Dowty and Agusta Westland.