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We are conducting a nationwide research project where we will explore how UK businesses grow, the barriers to growth they encounter and where they are looking to expand.
There is some good news in this morning’s 2nd quarter results with overall UK GDP growth of 0.4% which is up from the 0.20% in Quarter 1. Encouraging but fragile, with the UK economy growing at less than a quarter of the growth of the US economy.
IHS Markit UK Manufacturing PMI data for June was published today (2 July) and showed a slight increase in the index to 54.4 which was an increase of 0.1 from the May index. This marginal output increase was fuelled by firms reducing work backlogs at the fastest rate since the summer of 2016 and building inventory levels to cater for potential supply issues that may arise the UK exit from the EU on 29 March 2019. New business from export orders have crystallised and employment in the industry has increased the most since March this year.
Despite UK economic growth falling in the first quarter of 2018, largely due to the severe winter weather and the disruption it brought across all major sectors of the economy, manufacturing and engineering has overall been enjoying a modest boom.
The Department for Education (DFE) announced this month that there had been a 26% drop the number of apprenticeships being taken up in industry in the first quarter of 2018. There has also been a 40% fall in new apprenticeship entrants in the six months since the introduction of the new Government levy scheme in April 2017, when compared to the previous year. There is the added issue that skilled labour from the European Union are returning home as result of uncertainty surrounding the status of EU nationals.
Each quarter the Kent Manufacturing Forum meets over breakfast to discuss a range of subjects affecting manufacturers and the manufacturing sector in Kent. Hosted by Kreston Reeves, ASB Law and Barclays Bank, each Forum focuses on discussing key issues with relevant invited speakers, with ample networking opportunities before and after each session.
From the outset, Philip Hammond set his focus on the Autumn Budget at the technological revolution that we are on the brink of. With a Conservative emphasis on embracing the future and running towards change. For the UK to be at the forefront of the revolution the people of Britain must be prepared to meet the challenges ahead and invest for this “bright” future.
Management accounts are often the key driver in directors’ decision making for the future of a business. Management accounts routinely consist of profit and loss, balance sheet, cash flow, commentary and some potential key performance indicators. However, this information may need further detail, such as identifying weaker areas of the business to decide if improvements can be made before considering withdrawing a product line.