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.
This answer is the replacement for a previous holding answer.
Answered on
10 September 2014
This answer is a correction from the original answer.
Farnborough is an important showcase for the UK aerospace sector. The Department does not make estimates of aerospace exports 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.
Original answer
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 £3m to over £350m. Most importantly, the DLF pipeline is growing.