Trade Fairs: Farnborough
To ask the Secretary of State for Business, Innovation and Skills what estimate he has made of the net benefit to the UK export sector as a result of the recent Farnborough Airshow.
[Official Report, 10 September 2014, Vol. 585, c. 623W.]
Letter of correction from Matthew Hancock:
An error has been identified in the written answer given to my hon. Friend the Member for Ribble Valley (Mr Evans) on 10 September 2014.
The full answer was given as follows: (206009)
There has been significant interest in UK Export Finance’s (UKEF) Direct Lending Facility (DLF) since its enhancements were announced in the Budget. Since it was relaunched on 30 June 2014, the pipeline of potential export contracts has developed and now involves 28 UK-based exporters of varying size and export experience. As it stands, the pipeline has 35 potential export contracts that range from £3 million to over £350 million. Most importantly, the DLF pipeline is growing.
The correct answer should have been:
Farnborough is an important showcase for the UK aerospace sector. The Department does not make estimates of aerospace expenditure arising as a result of the Farnborough Airshow. However, given the UK’s position as a leading supplier to the world’s aerospace industry, our industry is likely to be a major beneficiary of many of the new orders announced at the Show.
Recent data from the Aerospace Defence and Security trade association show aerospace exports grew by 12% in 2013 to £25 billion.