Yahoo Finance Theresa May pledges to boost UK aerospace amid Brexit concerns
Government-backed projects are set to dominate the first day of the Farnborough Airshow on Monday as Theresa May looks to soothe the industry’s fears over Brexit.
The Prime Minister plans to promise aviation bosses that she will secure millions of aviation jobs and strengthen Britain’s position as a leading aerospace nation.
“We will take back control of our borders, our laws and our money. But we will do so in a way that is good for business and good for our future prosperity,” she is expected to say at the Farnborough Airshow.
Business Secretary Greg Clark will also confirm that the UK’s first spaceport will open in Sutherland, in the Highlands of Scotland, from the early 2020s in a move that will "create hundreds of new jobs" and attract millions of pounds in investment.
He will also unveil a new £2m fund for further spaceport launch sites across Britain as the government looks to bolster the UK space industry after Brexit. The commercial space sector is estimated to contribute £3.8bn to the UK economy over the next decade.
Meanwhile Gavin Williamson, the Defence Secretary, will detail the Government’s Combat Air Strategy, which is likely to lay out plans for a new British designed and built fighter aircraft to replace the Eurofighter Typhoon from the 2020s.
The government announcements are expected to overshadow the traditional rivalry of orders between Boeing and Airbus.
The market has been waiting for details of Boeing’s “new model aircraft” (NMA) which is expected to carry between 220 and 270 passengers about 5,000 miles.
Also nicknamed the “middle of market” (MOM) airliner, the specifications place it between the largest single-aisle jets such as the workhorse 737 and smaller wide-body aircraft such as the 787 Dreamliner.
However ahead of the air show the head of Boeing commercial aeroplanes Kevin McAllister dampened down hopes the company would give the green light to the jet any time soon.
“There will be no decision for the balance of the year,” Mr McAllister said. “We still have the time to do it for [a launch in] 2025. We need to get the design right and the supply chain right.”
