Socio-Economic Environment
110. The AeIGT Report recommended that the UKAI should
develop an aerospace market observatory to create: "a single
analysis and intelligence system for the benefit of industry,
government and universities, and a [online] portal to inform companies
of all the sources and forms of support and advice that were available
to them".[239]
The Market Observatory and Aerospace Portal concept 'demonstrators'
were launched at Farnborough International 2004.[240]
The Aerospace Portal is intended to inform UKAI companies of the
sources and forms of support and advice which are available to
them. The Market Observatory, by contrast, looks at the sources
of fact-based information and analysis. The SBAC told us that,
eventually, the Observatory "will generate its own research
for stakeholders in the industry".[241]
111. The AeIGT's Aerospace Finance Working Group
(continued from the original AeIGT team) is currently drawing
together a report to summarise the investigations it has carried
out into the productivity of the UKAI, the economic benefits of
externalities (the economic benefits to the wider economy from
spill-overs from the aerospace industry), and the role of capital
markets with respect to the provision of development capital for
UKAI.[242]
112. The work of the Aerospace Innovation and Growth
Team (AeIGT) is a prime example of what can be achieved for an
industry through the willing collaboration of all of its stakeholders.
The UKAI is one of the most important sectors of the UK economy
and we believe that, through its support for the AeIGT, this has
been recognised by the Government.
113. With a target date of 2022 for the implementation
of the recommendations of the AeIGT's Report on the future of
the UKAI, we believe it will be some time before a meaningful
assessment of progress towards the vision of the AeIGT can be
made with any degree of confidence. However, the progress which
has been reported to us suggests that a 'good start' has already
been made. We have no doubt that our successors will wish to investigate
the competitiveness of the UKAI before 2022. The progress made
towards the AeIGT's vision, that by 2022 "the UK will offer
a global Aerospace Industry the world's most innovative and productive
location, leading to sustainable growth for all its stakeholders",
would doubtless be one of the main areas that they would wish
to look at.
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