The UK’s aerospace trade body ADS Group has urged the government to support the sector, which is currently at risk because of the Covid-19 crisis.
ADS Group CEO Paul Everitt said earlier this month that the Government of France has announced a €15bn package of support for the aviation and aerospace sectors and is urging the UK Government to follow suit.
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Funding was provided for research into green aircraft technology, loan package for Air France-KLM, funding to modernise the supply chain, and an investment fund to help the development of SMEs.
The aviation and aerospace sector were among the hardest hit industries because of the pandemic, causing airlines across the globe to ground their fleets.
This resulted in a decline in demand for aerospace manufacturing and production rates have been cut.
Everitt was quoted by Bloomberg as saying: “We’re going to see tens of thousands of jobs lost over the coming weeks and months because the market we’ve been operating in has changed out of all proportion.
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By GlobalData“What everybody is looking for is an understanding of how the government will look to support not just the aerospace sector but also the wider economy.”
Like other countries, the UK has offered furlough schemes to allow companies to temporarily lay off staff and bring them back once demand picks up.
Loans are also offered to struggling companies through a scheme supported by the Bank of England.
ADS has been urging the UK Government to address five priority areas for support in the industry.
These areas included a pragmatic plan to resume flights, a rapid expansion of government support for low carbon aerospace technology, and pulling forward public procurement to support jobs and cashflow.
