Fears for aerospace industry in a no deal Brexit
Britain's world-leading aerospace industry risks losing investment and will face supply chain problems if the government fails to negotiate a Brexit deal which maintains the current strategic relationship with the European Union, according to a new report from the Institution of Mechanical Engineers.
The UK aerospace industry generated £35bn in turnover in 2017, with £30bn in revenue from exports which grew 39 percent between 2012 and 2017.
The sector employs over 120,00, many in highly skilled engineering roles.
The research found that the movement of skilled workers, access to engineering resources and the freedom to trade with customers, group companies and suppliers across the EU are key factors behind decisions to invest in the UK.
Colin Brown, IOM chief executive said: “It is important that the UK aerospace industry is able to maintain its high value manufacturing, world-leading research and growing international trade without disruption. The effect of Brexit and a “no-deal” scenario would be felt in the long run and would impact future investment decisions.”