Business secretary Vince Cable has announced an increase in funding for the UK aerospace industry with investment of £120 million detailed.

Cable said that the backing is intended to modernise development in areas such as green technology while maintaining the industry as the 2nd largest aerospace industry producer in the world. The funding comes in a time of increased demand and expansion, with foreign development driving overseas export potential.

Cable commented that: "I don't feel at all embarrassed by saying that this sector is one of our winners. There is nothing wrong with the government getting behind successful sectors in the economy."