The London Stock Exchange and business intelligence company DueDil recently released a report which reveals that British manufacturing is on the rise.
The 1,000 Companies to Inspire Britain report, found that 250 of the UK’s top 1,000 private firms, based on compound annual growth, innovation, and renovation, operate in the construction manufacturing, and engineering sectors. Turnover at these companies has grown by an average of 180% over the four years to 2014.
Vince Cable, the Business Secretary said of the findings: “People who say that Britain doesn’t make things any more have been proved wrong. We have very excellent companies in the car industry, aerospace and the supply chain of energy companies. What was seen as a declining sector is actually very much not, especially now in advanced manufacturing where very positive things are happening.”
The good news contained in the report wasn’t restricted to manufacturing, the information technology industry also experienced average revenue growth of 350pc over four years.
Nearly £12bn is expected to be added to London’s economy by tech firms alone over the coming decade as the UK consolidates its position as a leading innovator and world leading digital destination.
Chief executive of the London Stock Exchange Group, Xavier Rolet, said: “Many investors ask me, when I travel around, ‘where’s growth?’ It’s not in bonds, it’s not commodities, it’s not gold, it’s not emerging markets, it’s right here at home.”
Improved access to finance
The UK is leading the way in the growth of small and medium sized firms. Last year alone there were 500,000 start-ups launched, the highest figure since records began. With approximately 5 million businesses in the UK at present, this is more than double the number in Germany, Italy or France.
Improved access to finance is thought to be helping level the playing field for businesses across the UK. This can come through the seed enterprise investment scheme (SEIS), British Business Bank, start-up loans and other funding vehicles such as invoice finance.
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