LONDON, March 18 (UPI) -- Britain's government and industry will invest $3 billion in the country's aerospace manufacturing sector, a top government official said Monday.
British Deputy Prime Minister Nick Clegg said the long-term investment will secure 115,000 jobs in the country and will enable Britain to remain a world leader in the sector amid increasing foreign competition and rapid technology change.
"Aerospace experts with highly specialized skills are working hard to make sure the U.K. remains Europe's number one aerospace manufacturer," he said. "We're doing all we can to maintain this jewel in our crown, which is why government is working hand in hand with industry to inject ($3 billon) into a unique long-term strategy to maintain Britain's position as the center of aerospace technology.
The government said it would also invest about $775 million in other industry sectors and hopes to double that amount.
"The U.K.'s best technical experts can ensure we remain the word's preferred supplier and continue to build and design the planes of the future -- lighter, quieter, faster, and more fuel efficient," Clegg said.
The seven-year funding will create the U.K. Aerospace Technology Institute, which will allow industry and academic researchers to develop technology for the next generation of aircraft by securing research and development activity necessary to win work on future aircraft programs.