Joint-venture hailed as a ‘pivotal moment’ for the international aerospace and defence industry

Plans to develop a sixth-generation British fighter jet to rival America’s have taken a step forward with a deal to form a new company comprising defence and aerospace firms from the UK, Italy and Japan.

BAE Systems, Italy’s Leonardo and Japan Aircraft Industrial Enhancement Company (JAIEC), which each hold a third of the as-yet-unnamed joint-venture is expected to be established by the middle of next year.