Farnborough Air Show: GE still unconvinced about demand for 797

UK seeks to allay Brexit fears at Farnborough air show

The U.S. industrial conglomerate needs to do further work on the proposals, especially since Boeing has yet to decide whether to recruit an exclusive turbine provider or involve two competing suppliers, GE Aviation chief David Joyce said Monday at the Farnborough air show.

"It is clear that the aerospace marketplace thrives on free and open trade around the world".

"This is a strong statement of intent that will help build confidence and encourage investment as we look to make sure the United Kingdom benefits from sustained global growth in this high value manufacturing industry", he said. Aerospace is great for growing the economy in China and creating the lift that they need. "It is also US manufacturing jobs and it is creating economic growth in the USA", he said.

Airlines have expressed concern that trade tensions may soon hurt customer travel between continents, but Muilenberg said he saw no evidence of that happening yet.

May's words, to be delivered at the Farnborough Airshow south west of London, come at a crunch time for the prime minister as pro-Brexit lawmakers in her party threaten revolt over an European Union exit strategy they say leaves Britain subject to Brussels' rule. The order is worth nearly $5 billion.

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By protecting the supply chains that companies such as Bombardier, Rolls-Royce and Airbus rely on, she said the plan will cement the UK's position as a leading aerospace nation.

General Electric said it remains to be convinced that demand for Boeing's planned mid-range aircraft, nicknamed the 797, will be sufficient for it to justify developing a new engine for the jet.

"We are estimating an $8.1 trillion market over the next 10 years and the world is going to need close to 43,000 new planes over the next 20 years", he said.

Boeing is expected to confirm demand for air transport is rising after Airbus lifted forecasts last week, citing strong economic growth in emerging markets and the need to replace older planes in Western markets.

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