By Michael Fallon

Published: 16:28 EST, 11 May 2014 | Updated: 04:09 EST, 12 May 2014

The UK has the strongest and best aerospace industry in Europe. Every 2.5 seconds an aircraft takes off or lands powered by a Rolls-Royce engine. Half the worlds aeroplanes fly on Airbus wings designed and made in the UK.

Aerospace contributes 24billion to the economy every year, supports 3,000 companies and employs 230,000 workers across the UK. Three quarters of what we produce is exported.

I want to keep it that way. But as global competition hots up, we need to get smarter.

Michael Fallon: Aerospace contributes 24billion to the economy every year, supports 3,000 companies and employs 230,000 workers

That means government and industry must work together more effectively to get the best new ideas and products off the ground quickly and to give our employees the skills they need to master new technologies and more efficient ways of working.

This kind of long-term, collaborative approach has been second nature to our competitors for years; but previous governments quick to impose new taxes on businesses have failed to offer meaningful support to help UK firms get ahead of the game.

So this Government is making the largest commitment to civil aerospace research in a generation.

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Britain's soaring aerospace industry must be nutured as it contributes 24bn to our economy annually