Britain plays an essential role in the global aerospace industry, but this position could come under pressure if Britain does not hammer out a favourable deal in the Brexit negotiations, a report has found.
The warning comes from manufacturers’ organisation EEF and Santander in their review into the British aerospace industry, which is worth £31bn a year to the UK economy and is the world’s second largest, beaten only by the US.
Britain’s 2,400 aerospace companies are specialists in manufacturing engines and complex components for aircraft, which make up 79pc of the sector’s £28.4bn of annual exports.
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