Support Needed for Supply Chains as Recovery Slows
- Office for National Statistics data for August shows slower than expected GDP growth of 2.1 per cent.
- Aerospace manufacturing grew by 0.7 per cent in August, but has declined 27.7 per cent in the six months from February.
- Supply chain companies face an existential crisis putting 30,000 aerospace jobs at risk and will require strategic funding support.
Commenting on today’s GDP and Index of Production data, ADS Chief Executive Paul Everitt said:
“Economic data for August shows a recovery slowdown that will do nothing to reassure the many businesses facing a daily struggle for survival.
“This will be a long road to recovery and supply chain businesses must be given further strategic support, or important UK industrial capabilities will be put at risk.
“Aerospace manufacturers are looking to the Chancellor to deliver a long-term supply chain investment fund and invest in the UK’s future as a green technology leader by doubling funding for the successful Aerospace Technology Institute.”