£2 Billion pledged for aerospace industry

Nick Clegg announcing a £2 billion investment in the aerospace industry this morning Credit: ITV News West Country

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.

Aerospace experts with highly specialised skills are working hard to make sure the UK remains Europe's number one aerospace manufacturer. We're doing all we can to maintain this jewel in our crown, which is why government is working hand in hand with industry to inject £2 billion into a unique long-term strategy to maintain Britain's position as the centre of aerospace technology. The UK's best technical experts can ensure we remain the world's preferred supplier and continue to build and design the planes of the future - lighter, quieter, faster and more fuel-efficient.

Yeovil-based helicopter manufacturers Agusta Westland are among the firms taking part in the new Aerospace Technology Institute Credit: Niall Carson/PA

Among the firms taking part in the Aerospace Technology Institute are Airbus, GKN Aerospace, Rolls-Royce, ADS, Messier-Dowty and Agusta Westland.