Aerospace Industry

Baroness Kramer Excerpts

Monday 5th December 2011 Lords Chamber

[Lord De Mauley]

My Lords, yes, I share the noble Lord’s concern. Focusing specifically on defence, I think that it is true that defence spending is declining worldwide, so we have developed the talent retention system to retain skills that may be released as some companies in the sector lay people off. There is, after all, a shortage of skilled engineers nationally. Some defence suppliers have diversified and the growth in other areas will offset the downturn in this sector. It is also worth saying that aerospace companies have been successful in both rounds of the regional growth fund.

[Baroness Kramer]

My Lords, as my noble friend the Minister will know, this is an industry that operates almost exclusively in dollars. Can he give us an assurance that last week’s arrangements between key central banks will ensure access to a steady supply of dollars for British aerospace industry and its global partners? As he knows, this has been a question mark hanging over the industry in the last few weeks.

[Lord De Mauley]

My Lords, my noble friend is absolutely right. The Government are certainly focused on that issue.