What happened: Rolls-Royce CEO has urged UK ministers to back a £3bn project to develop a jet engine for smaller commercial planes. The announcement coincides with the company reporting record profits and planning a £9bn share buyback.
Why it matters:
- The new engine could help Rolls-Royce re-enter the short-haul aircraft market, boosting its business prospects.
- UK taxpayers may be asked to support a major aerospace innovation project, impacting public funds and industry strategy.
MNN Take: Rolls-Royce aims to invest in new technology for smaller planes, seeking government funding to share development costs amid strong financial performance.
Sources: Guardian UK