The latest £120 million investment from government and industry in aerospace research and technology was announced by Business Secretary Vince Cable at the Farnborough International Airshow.

The new funding, part of a total £200 million investment in aerospace since 2011, was announced alongside a new vision for the future of the sector which will help UK aerospace firms win billions of pounds worth of new contracts over the next 15 to 20 years.

It will see government and industry working together – under the guise of the Aerospace Growth Partnership (AGP) – to secure the future for UK aerospace.

Cable said: “The UK aerospace industry is a national success story. We have the top aerospace industry in Europe, and are second in the world only to the US.

“There are great opportunities ahead, with forecasts indicating that 27,000 new large civil airliners will be needed by 2030. We have the potential to grab a greater share of that market – but aerospace is a global industry and there are many other countries hoping to have a slice of the pie.

“That is why the government is doing all it can to make the UK an attractive environment for aerospace – ensuring that companies are more likely to invest in jobs and facilities here with us.”

Over £200 million has been pledged by government and industry to keep the UK aerospace sector world class. This includes £120 million of new investment and the £60 million previously announced in the Budget for a UK Centre for Aerodynamics.