Umbrella Company Employees and other independent professionals specialising in aerospace engineering are about to find a slew of new contracting opportunities opening up after the announcement a £154m government investment to develop a new generation of faster, cleaner, quieter aeroplanes.

The deputy prime minister, Nick Clegg, made the announcement at the Farnborough Air Show yesterday. The investment is designed to help to maintain the UK’s position as a world front-runner in the aerospace field.

The money is part of a government and aerospace industry investment package worth £2bn in total. Over the long term it is expected to generate over 100,000 skilled jobs and contracting roles in the aerospace industry and its supply chain. The market is forecast to be worth more than £4tn over the next three decades.

Announcing the £154m investment, Mr Clegg said: “The UK’s aerospace industry is going from strength to strength and helping our economic recovery. We are the number one aerospace industry in Europe and second only to the United States globally. I want to ensure the UK remains at the cutting edge of aerospace innovation, which is why I am pleased to announce that we are investing £154m for research to explore new technologies like the 3D printing of plane parts and creating lighter, greener aircraft.”

He also announced that small- and medium-sized businesses in the aerospace supply chain can begin competing for a slice of a £50m pie to create new jobs and contracts from October, ensuring that local communities will benefit when aerospace juggernauts such as Airbus and Rolls Royce open factories in their region.

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