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Osborne cash boost for 3D printing
More than £15 million of public money will be used to set up a national centre for 3D printing technology to put Britain at the forefront of the developing industry, George Osborne will announce today.
Around the same amount will also go towards funding for the development of aerospace technology at the Manufacturing Technology Centre (MTC) in Coventry.
The cash announced today, which will be matched by industry to take the total to £60 million, will help drive innovation and bolster Britain's position as an aerospace leader, the Chancellor will say.
During a visit to the MTC, which will develop new materials for use in planes, jet engines and civil helicopters, Mr Osborne will say: "Our long term economic plan is working and the economy is growing. But there is still work to do which is why we are working with industry to drive innovation and lead the global race in technology, engineering and manufacturing.
"We are already the best in Europe for aerospace and I want to do even better. Up to 27,000 new planes are needed between now and 2030, worth billions of pounds to the UK economy in contracts. That is why I am announcing today that, together with industry, we will invest around £60 million in a dedicated facility for aerospace manufacturing as part of £2 billion of support for this growing sector."
The new national centre for additive manufacturing, more commonly known as 3D printing, will develop new products for aero-engines and aircraft landing gears, as well as automotive and medical devices.
Business Secretary Vince Cable will say: "Britain has a world beating aerospace industry, second only to the United States. But to keep it that way we must continue to invest in the latest cutting edge technology. These new facilities, funded from the £2 billion committed by government and industry for aerospace research and development, will help us maintain our competitive edge in the sector.
"The aerospace industrial strategy, which government has developed jointly with industry, is giving businesses the confidence to invest in the UK, creating more high-skilled, long-term jobs."