Intended to secure long-term manufacturing jobs in Belfast, the project will be part-funded by local partners Invest Northern Ireland. The funding will support the company to develop the thrust reverser for the new Airbus A320 NEO nacelle.
The Chancellor has also invited a city deal bid for the Derry-Londonderry City Region. This will give local councils, universities and businesses the chance to submit plans to government on their priorities for driving forward economic growth and boosting productivity for the benefit of the Derry-Londonderry city region and the whole of Northern Ireland.
The Chancellor toured Bombardier’s production line for aircraft wings and welcomed the new orders for 60 Airbus A220s (Formerly known as Bombardier's C Series), announced last week at the Farnborough Airshow.
Northern Ireland has seen a 14.2% increase in productivity since 2010 – the fastest of all regions and nations of the UK. The potential for further growth is being supported by investment in Ulster University, which has benefitted from £50 million of UK government funding since 2015 for cutting-edge research and development.
