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 oral contribution of the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy of 21 July 2020, Official Report column 193, how the figure of £8.5bn financial support for the aviation and aerospace sector was calculated.

The aerospace sector and its aviation customers are being supported with over £8.5 billion worth of support through the Bank of England’s Covid Corporate Financing Facility, grants for research and development (R&D), loan guarantees, and support for aerospace exports over the next 18 months.

The amount is made up of support across the Covid Credit Financing Facility (£2.7 billion), expected UK Export Finance support for aerospace and its aviation customers (£5.5 billion) and R&D support for aerospace (across 3 years over £500 million).

We will continue to back businesses strongly through the Covid-19 pandemic and as we return to growth.