ADS' CEO welcomes Treasury analysis of EU membership impact on UK aerospace
Paul Everitt (right), CEO of ADS Group responded to today’s HM Treasury analysis on the long-term economic impact of EU membership. He said: “Today’s Treasury analysis makes clear the valuable link between the UK’s membership of the EU and its significance to the country’s strategically important aerospace sector.
“The UK’s aerospace industry is the world’s second largest, employing 110,000 people and turning over £30bn annually. This success is built on fully integrated, pan-European supply chains that currently operate with unfettered access to the single market.
“In illustrating its point, The Treasury highlights wing manufacture, something which delivers major economic benefit to Filton in Bristol and Broughton in North Wales through the provision of high-skill, high-value employment. Neither of these sites operates in isolation; in order to produce these highly complex aircraft parts they work with companies from Spain, Germany and France.
“This point was echoed in a recent statement by Bombardier, which reminded staff that 100% of what is manufactured at their plant in Northern Ireland is exported, 33% of which goes to Europe; and 100% of the raw materials used is imported. Additionally, Bombardier has seen significant benefit as a result of EU R&D funding and the ability to develop key technologies through the fostering of relationships with other European aerospace companies.
“Withdrawing from the EU would make it more difficult for UK aerospace companies to access the EU customers, suppliers and skills critical to their global businesses. ADS recently surveyed our Members and the overwhelming response – 70% – was that it is better for business for the UK to remain part of the EU. More UK firms – 82% – export to Europe above any other destination.”
The aerospace reference is on page 40 of the
report
For more information on the views of the sectors represented by ADS – Aerospace, Defence, Security and Space, please click
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