Latest reports have alleged UK as the most attractive region for aerospace manufacturing investments. Experts determine the country has immense potential in labor skill and infrastructure, however owning to Britain’s economy and the geo-political risk, the investment in the aerospace manufacturing sector would hamper in the future, experts predict.
The UK government has drawn policies to safeguard investment in the British Aerospace sector. The new Future Flight Challenge in 2018 drew up to £125 million in order to create technologies such as urban air vehicles, drones, etc.
The project has further helped the nation to stabilize in 2019, despite the present political and economic commotion in Britain.
Experts elaborates, PwC has a strong aerospace and defence industry, with revenues worth $46 billion. Based on a report published by the PwC, it alleged UK’s aerospace attractiveness was the fourth highest in the world, in addition to being the highest in any European state.
Reports allege, well-maintained infrastructure, easy access to skilled labour, a mature and developed A&D industry are major attributes for the success. The A&D industry in the UK has competitors in low-cost US, low-tax Singapore and geo-politically stable Canada.
UK finds competition in these nations because these enjoy a comparatively more stable geo-political status. Moreover, the aerospace production in the UK is primarily an export industry and hence bears the adverse effects of Britain’s exit from the European Union.
“We’ve seen a lot of speculation that uncertainty over Brexit terms and the potential disruption to global supply chains may impact the ability to attract global investment and meet production timetables. But this analysis shows that the UK continues to be a strong competitor when it comes to investment and expansion opportunities… The UK has a real depth of talent and capability in the sector, which remains well-positioned to support the economy as we continue to make a strong and vital contribution across global markets,” commented Roland Sonnenberg with regards to the latest report. He is the head of UK Aerospace and Defence at PwC.