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Boeing Commits to UK in Aftermath of Brexit

Boeing Commits to UK in Aftermath of Brexit

Added to MTDCNC by MTDCNC on 16 July 2016

Boeing has announced that it will create 2,000 new jobs and expand its research operation in the UK.  The world's largest aerospace company announced this boost to the UK economy at the Farnborough Airshow in Hampshire this week. The company celebrates the deal amidst a buoyant atmosphere whereby it secured orders to the value of US$26.8 Billion during Farnborough week.

The announcement is part of a deal whereby the UK government has agreed to buy nine new Boeing P8 maritime patrol aircraft and it will support Boeing in the development of a new £100 million training and support base at RAF Lossiemouth in Scotland. On the political spectrum, this is a huge coup for the UK government that will surely ease tensions among the 'IN' voters in Scotland. The UK government said the cost of developing the program would cost somewhere in the region of £3 billion over the next 10 years.  

Quick to publicise the news, the government is acting swiftly to calm the nerves of investors in the aftermath of the Brexit vote last month. In recent years, the US aerospace giant has doubled its UK workforce and also it's spending in the UK aerospace supply chain. This most recent announcement will see Boeing once again double its UK staff levels to an estimated 4,000 employees. It is estimated that US companies are the largest source of foreign investment with staff levels swelling beyond one million workers.

Whilst the deal will not evaporate investor concerns over the UK's desire to leave the EU, surely it will give investors and the wider UK economy the confidence it needs to plough on with the Brexit process. 

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