Following Chancellor Rishi Sunak’s announcement of the 2021 UK Government budget, there was much about the Budget which we welcome. The extension of the furlough scheme, the unlocking of investment and focus on research and development will benefit the sector. We are also pleased with the incentives to hire apprentices because we need a skilled workforce to help the recovery.
Aerospace has been one of the hardest hit sectors and its recovery will take longer. The rates relief ending will have a big, negative impact because many of the companies in our industry will simply not have recovered by then. It will be a long road for them.
However, the business rates being held for companies with small profits – mainly SMEs – is welcome. The Chancellor had a difficult job and we are in exceptional times, but there was nothing specific to assist the aerospace sector.
There was a focus on green infrastructure, and aerospace has worked hard in this area and reduced its emissions by large amounts, so I’m hoping some of these funds will be available. Furthermore, we hope the existing funding mechanisms for aerospace through the Aerospace Growth Partnership won’t be affected, and will continue.
“In the coming days we will examine the details of the Budget and assess how it will affect our members.
