The U.K.’s coalition government will set aside hundreds of millions of dollars to invest in its aerospace sector in a bid to jump-start growth in the sector.
Reuters reports that Deputy Prime Minister Nick Clegg will announce the 10-year plan before Wednesday’s budget proposal.
Airbus, Bombardier and Rolls-Royce will contribute funding for the initiative and the government will match those contributions, according to Sky News.
Sky reports funding will focus on supporting research and development and protecting supply chain.
Mark Kleinman writes the British aerospace industry directly employs more than 100,000 people and records more than $36 billion in annual earnings.