UK Manufacturing Sector
Debate between Chris White and Caroline Dinenage(10 years, 11 months ago)
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Caroline Dinenage
My hon. Friend makes an excellent point. Astrium does real James Bond stuff of the future, which is incredibly impressive. In fact, the UK space industry turns over £9 billion a year and is predicted to grow by 7.5% each year in an increasingly demanding global marketplace.
Another British success story is the aerospace sector, which is the largest in Europe and the second largest in the world, after the USA. It is worth more than £23 billion to the UK economy, and 70% of its output is exported worldwide. The sector employs directly nearly 100,000 people in the UK. Its biggest challenge is that the long-term returns from research and development make it an unattractive capital market investment.
Chris White (Warwick and Leamington) (Con)
I congratulate my hon. Friend on securing this debate. During the recess, I was pleased to be present at the opening of Bosch’s new technology centre at Warwick university’s science park. I am pleased to see the hon. Member for Coventry South (Mr Cunningham) present; he was also at that opening.
The centre will support around 30 engineers and is a perfect example of bringing together our universities and businesses to help spur innovation in our manufacturing sector. Does my hon. Friend agree that the Government must look closely at such centres, how they are formed and how we can put in place more incentives for business to commit to the long-term cost of supporting innovation?
Caroline Dinenage
My hon. Friend is absolutely right. It is imperative that the Government work to facilitate business development and innovation as much as is humanly possible.