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Aerospace Companies

Volume 229: debated on Tuesday 27 July 1993

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To ask the President of the Board of Trade what economic contributions aerospace companies make to the United Kingdom industrial production, investment, the balance of payments and corporation tax revenues.

Output of the aeropace in 1990, in terms of gross domestic product at current factor cost, was £5,139 million or 4·9 per cent. of the output of the manufacturing industry as a whole. Net capital expenditure by the aerospace industry was £424 million in 1990. In 1990, aerospace accounted for 3 per cent. of net capital expenditure in manufacturing.In 1992, the aerospace industry had a trade surplus of £2,340 million.Separate data on corporation tax are not available for the aerospace industry. Classification of companies by industry for corporation tax is by summary trade classification within which aerospace companies are included with "other transport equipment manufacturers"

To ask the President of the Board of Trade what steps he is taking to promote the aerospace industry in Clwyd.

My Department maintains a continuous dialogue with the aerospace industry on ways in which the Government can help. The British Aerospace Broughton site has received over £10 million of regional selective assistance and regional development grants. It has also benefited from the launch aid support for the Airbus Airbus A320 and A340.