A report by the Institute of Mechanical Engineers has urged the UK government to do more to encourage the country's aerospace and aviation industries in developing new technologies like renewable and intelligent aircraft.
The UK is the second largest aerospace manufacturing country in the world, however it could risk losing its position to emerging nations like China if the government takes the industry's success for granted.
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The report states that in the next 20 years, there will be 25,000 potential new aircraft sales worth over £2 trillion. In order for the industry to take advantage of these opportunities, the Institution of Mechanical Engineers recommends the government sets out a long-term strategic vision, establish an Advanced Technologies Research Centre, ensure the UK is an attractive investment location, and restore R&D funding to pre-recession levels.
Stephen Tetlow, Chief Executive of the Institution of Mechanical Engineers, said: “Now is the time for industry and Government to focus on sectors that can help lift the country’s economy. The UK aerospace sector already employs over 100,000 people around the country and is worth over £29 billion a year to our economy, but we need to take action now to ensure this sector can continue to thrive and grow.”
The Institution also looked at the importance of new technologies, designs, and concepts which could revolutionise air travel over the next half century.