Aerospace Industry: Government Assistance

(asked on 23rd June 2020) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 22 June 2020 to Question 59788; if will provide a breakdown of the £6 billion figure referenced in the Answer.


Answered by
Nadhim Zahawi Portrait
Nadhim Zahawi
This question was answered on 29th June 2020

As stated previously, the Government is providing over £6 billion of support to the aviation and aerospace sectors. UK Export Finance expects to support £3.5 billion of aerospace exports over the next 18 months, up sharply from £1.15 billion over the past two financial years.

Under the Bank of England’s Covid Corporate Finance Facility, £2.16 billion of loans have been made to airlines and aerospace companies affected by a short-term funding squeeze.

We are also providing support over the next three years for research on the next generation of aerospace technologies, through £450 million of Aerospace Technology Institute programme funding, as well as £70 million through the Future Flight programme.

Reticulating Splines