Aerospace sector’s £40bn value to economy

Orders last year could be worth £40bn for the UK economy, said trade organisation ADS.

Commercial aircraft orders last year increased by 28 per cent to 3,182 and deliveries rose by 7 per cent.

The industry now employs over 100,000 direct workers in the UK and 130,000 in supplier firms.

Paul Everitt, chief executive of ADS, said: “Global demand for new aircraft and engines is generating new demand and opportunity for the UK aerospace industry.

“The 7 per cent increase in new aircraft deliveries and the 17 per cent increase in the aircraft order book makes 2013 one of the most successful years on record.

“To maintain the UK’s share of this fast-growing market we must increase investment in technology, innovation and skills.”

Business Secretary Vince Cable said the figures highlight the opportunities for growth in the aerospace industry and the potential rewards that British businesses could reap.

“That is why Government and industry are forming a long-term partnership to keep Britain at the forefront of the global aerospace market,” he added.

Business leaders from Sheffield will travel together to Singapore next month to promote the city region’s aerospace capabilities in the most important market hub in Asia.