65.2 F
New York
65.2 F
New York
Sunday, August 1, 2021

Tempest fighter jet will support 21,000 jobs a year, new report says

- Advertisement -spot_img

The Tempest fighter jet programme is poised to drive productivity, innovation and skills development in the UK, a new PwC report says.

An independent report produced by the professional services firm has confirmed the economic impact of the Tempest programme will be felt in every region of the UK, supporting an average of 21,000 jobs a year, with 70% of the programme’s value generated in the North West, South West and East of England.

The Tempest programme is expected to generate long-term high value employment, with productivity per worker 78% higher than the national average.

The programme is being delivered by Team Tempest – combining the expertise of the Ministry of Defence (MoD), BAE Systems, Leonardo UK, MBDA UK and Rolls-Royce.

Working with international partners, the team is leading progress towards a UK-led internationally collaborative future combat air system which will ensure the RAF and its allies retain world-leading, independent military capability.

Key to the success of Tempest is delivering this highly-advanced capability more rapidly and more cost effectively than ever before.

Investment by industry and MoD in R&D for Tempest will generate positive spill-over benefits for the wider economy through applications of new technologies in other sectors and driving innovation in collaboration with hundreds of companies, SMEs and academic organisations.

The PwC findings

  • Make an estimated £26.2 billion contribution to the UK economy between 2021 and 2050
  • Support on average 21,000 jobs per year, from development to operational service (2026-2050)
  • Create high productivity employment with an average GVA per worker of £101,000, 78% higher than the UK national average and 42% higher than the country’s manufacturing average
  • Support significant benefits across regional economies

Diane Shaw, EMEA aerospace, defence and security consulting leader, PwC, commented: “As our research outlines, the scale of the Tempest programme is significant and expected to deliver wide-ranging benefits to the UK, stimulating investment in new technologies and promoting critical skills and capabilities that ensure the UK can continue to operate at the forefront of world-leading technology. The programme will stimulate R&D in regions most in need and generate wider economic benefits for these areas, supporting the UK Government’s levelling up priorities and contributing to the UK’s economic recovery and prosperity in the decades ahead.”

BAE Systems, on behalf of Team Tempest partners, commissioned PwC to carry the an independent analysis of the economic impact of the Tempest programme. Preliminary findings were released in October 2020. The full report is available here.

BAE Systems

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. OTCBBStockNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

- Advertisement -spot_img
Lena Berryhttps://otcbbstocknews.com
Lena Berry is the executive editor of OTC BB Stock News. Apart from managing the large team of writers, you will find her writing about various topics.

Latest news

- Advertisement -spot_img

Related news

- Advertisement -spot_img
Subscribe to our newsletter.We never spam.