Project Fear DISMANTLED as Boeing announces 'AMBITIOUS' £40m plan for Brexit Britain

Mr Needham said Boeing had decided to invest a further £40 million to expand its production line in Sheffield after the Brexitvote.

He insisted the company remained confident about Britain's role in the industry after its withdrawal from the European Union despite aerospace giant Airbus warning it would consider moving in the event of a "no deal" Brexit.

Mr Needham told Sophie Ridge on Sky News: "The round figure would be £30 to £40 million.

"We’ve been in the UK for 80 years, there’s a proud history in Sheffield of innovation and technology and manufacturing excellence.

SKY NEWS•GETTY

Brexit news: James Needham said Boeing has

"This is reflected in the UK’s rich heritage of aerospace innovation. This is a continuation of that."

Mr Needham said Boeing had "ambitious plans" to show the company is growing, saying the Sheffield facility is planning to reach full-rate production by next year.

He continued: "We’re here, we’re growing, we have an ambitious plan to deliver successful manufacturing quality.

"146 components will leave Sheffield and be on every 737 from the middle of next year when we hit full-rate production."

Airbus CEO Tom Williams warned the Government that 14,000 jobs in the UK would be put in jeopardy should Theresa May fail to deliver on a new trade arrangement with Brussels. 

We’re here, we’re growing, we have an ambitious plan

James Needham

Mr Williams said: "We are already beginning to press the button on our crisis actions.

“We have got to be able to protect our employees, our customers and our shareholders and we can’t do that in the current situation.”

But their announcement was met with criticism from the frontbench, with Health Secretary Jeremy Hunt claiming Airbus could undermine the Prime Minister's negotiating strategy.

Mr Hunt said: "I thought it was completely inappropriate for businesses to be making these kinds of threats for one very simple reason.

"We are at an absolutely critical moment in the Brexit discussions and what that means is that we need to get behind Theresa May to deliver the best possible Brexit - a clean Brexit."

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