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GDP figures show Britain’s manufacturing output saw the slowest growth since July 2013, making it 7.4% behind its level at the beginning of 2008.
The next set of figures will tell whether this is a temporary situation or if manufacturing will soon join other sectors and move into more positive territory. Being an important component of GDP and the balance of payments, the Government will not want to see manufacturing in the UK decline any further. There are several things that can be done to aid the sector:
- Ensure good infrastructure and transport which avoids congestion and market failure.
The A27 is a vital transport corridor along the South Coast but with ever increasing congestion, improvement is desperately needed if economic potential is to be realised. In answer to this, the group, A27 Action, has been set up by local businesses, council leaders and local Members of Parliament, to persuade Government investment.
- Provide good education and training for a skilled workforce
- Avoid excessive regulation which hampers investment and employment
- Reduce corporation tax rates (we live in hope!)
- Provide further tax breaks and support to encourage R&D
Having recently won new contacts in both the UK and overseas markets, we are seeing strong growth at Tenkay and we are optimistic for the sector as a whole.
As well as receiving large orders from the oil and gas industries (totalling £700,000 to ship in 2014), we have won a further 2-year contract in the electric vehicles market in the UK, and a further 3-year contract manufacturing looms and controls for high-end projectors in the US at an estimated value of $386,000 (£228,000).
As export has been deemed essential for helping the recovery, we are certainly pleased to be playing our part.
What this has shown us is that manufacturing growth comes, not just from Governmental support, but from knowing and understanding our customers’ needs – and delivering them.
At Tenkay, we can take care of the complete manufacturing process for you, from procurement through to delivery, and tailor a bespoke solution that’s right for you.
Have you decided to subcontract your manufacturing, or perhaps your current supplier is the wrong fit for you? We’d be more than happy to chat through your requirements, so please give us a call today on 01903 855 464.
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We are proud to be sponsoring the Tenkay Steepdown Challenge organised by the Lancing Eagles. This charity fun run of 1 or 5 miles at the Lancing Manor Leisure Centre, will take place on the 19th October to raise much needed funds for the Sussex 4x4 Response .
We are also sponsoring the entrance fees for members of the Tenkay team who wish to take part.
There’s still plenty of time to get involved, so if you would like to join in or make a donation, please download and complete the entry form here.
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