AEROSPACE
UK innovators are set to benefit from a £300m investment in more sustainable flight solutions for people and goods, with researchers developing electric planes and cleaner jet fuels set to receive an additional £5m boost.
Those developing cleaner forms of fuel and new technological platforms such as flying urban taxis, electric passenger planes and even freight-carrying drones, are all expected to benefit from this latest round of funding. The government will provide £125m, which will be supported by industry co-investment of up to £175m.
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GKN Aerospace is to axe around 1,000 jobs over the next two years in a restructuring drive in plans it said pre-date its £8bn hostile takeover by Melrose when it promised to invest in the business. The aerospace and defence supplier said the cuts would hit non-production jobs with a focus on back office and support functions.
The company said the business has grown rapidly by acquisition over recent years, increasing in scale from £600m turnover in 2006 to more than £3.5bn at the end of 2018.
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