Cutting-edge British aerospace companies are set to benefit from a new multi-million pound SME Programme that will secure high-skilled jobs and help the UK lead the way on greener air travel.
The Aerospace Technology Institute (ATI) SME Programme will offer UK-based small and medium-sized firms the chance to bid for a share of £10 million total funding per year towards their innovative research projects.
The Programme was announced by Industry Minister Nusrat Ghani at the ATI’s 2023 Conference in Birmingham. It will be delivered in partnership with the ATI and Innovate UK.
The new Programme will open to applications in February 2024 and aims to give SMEs the best opportunities possible to apply for funding to develop innovative technologies supporting the Government’s commitment to Jet Zero.
This is the plan to achieve net zero carbon emissions for commercial aircraft by 2050, while also keeping the UK’s aerospace industry competitive in the sustainable design, manufacture, assembly and operation of future aircraft.
The Programme will allow SMEs in the UK aerospace sector to bid for grants of up to £1.5 million each, helping to boost high-skilled jobs in the industry across the UK.
It also builds on the Government’s commitment to backing UK aerospace R&D to succeed, as demonstrated by the ATI Programme, for which government provided £685 million in 2022.
Support for organisations engaging with the SME Programme will be delivered by the ATI Hub. This will include sessions with ATI technologists, themed innovation workshops and guidance on preparing for a pitch-panel presentation.
The ATI Hub can also generate new connections between start-ups, SMEs, bigger and tier one organisations which could become consortia applications to the SME Programme.
See: New multi-million pound Programme helps British SMEs lead the way on net zero air travel - GOV.UK (www.gov.uk)
Unregulated Buy Now Pay Later (BNPL) agreements will fall under full FCA regulation from 15 July 2026. For the first time, BNPL lenders will need to meet the same expectations as other consumer-credit providers. With almost 11 million UK adults using BNPL in 2024, according to an FCA survey, this is a significant change.
The government has published the draft secondary legislation for the UK’s Carbon Border Adjustment Mechanism (CBAM), which is due to go live on 1 January 2027. This is an important development for UK businesses importing affected materials.