The Midlands Aerospace Alliance (MAA) has announced a Five Point Plan focused on aerospace supply chains to aid the industry following the massive freefall in demand caused by the coronavirus.
Both large and small companies have had no option but to downsize their operations and workforces rapidly. The MAA is expecting the lowest point for the industry to come later in 2020 before demand begins to pick up in 2021. The organisation anticipates that it could take until 2025 for the industry to recover and return to its previous growth trajectory.
The MAA has established five key priorities in its plan with more than twenty critical actions and guiding principles it believes will enable aerospace supply chain companies to survive this crisis and bounce back with capabilities, capacity and competitiveness intact.
The plan has been developed by bringing together aerospace experts across industry, academia and government to work through the critical and complex issues. The MAA has
also carried out extensive consultation and discussions throughout the region.
Plan will continue to evolve as crisis develops
Dr Andrew Mair, Chief Executive of the MAA, said: “We have all had to react rapidly as the crisis has started to unfold and many aerospace companies are experiencing serious
difficulties. Now we have a plan in place, we will be working with key stakeholders to agree the best approach to implementation to ensure the industry, which contributes so much to
the UK economy, not only survives the crisis but returns to growth in the future.”
The plan will continue to evolve as the crisis develops to ensure the right actions continue to be taken nationally and regionally to help return the UK economy to prosperity.
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