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LONDON--British manufacturing output relapsed after two months of growth and dipped in April, official figures showed Wednesday, adding to concerns that the U.K. economy failed to pick up speed in the second quarter.

U.K. factories decreased production by 0.4% compared with March, the Office for National Statistics said, which amounted to a 0.2% rise year-on-year. This disappointed forecasts from analysts polled by The Wall Street Journal last week, which were expecting output to rise, albeit at a slower pace than in previous months.

Britain's manufacturers have struggled to increase production in 2015 and reported a fall in output in January, which was followed by lackluster growth in the next two months. Business surveys suggest the sector is likely to keep grappling with weak exports during the second quarter due to the pound gaining strength against the euro. Although The U.K.'s trade deficit narrowed in April to a one-year low, official data showed Tuesday, exports of goods to the eurozone--Britain's number one market abroad--remain weak.

The euro has dipped against other major currencies since January when the European Central Bank announced its flagship scheme to buy euro-denominated sovereign bonds--a policy known as quantitative easing or QE. This has driven investors into other currencies, which devalues the euro and makes it easier for European companies to export.

The ONS pointed out, however, that part of the gloomier picture for manufacturing in April was explained by one-off factors: Pharmaceuticals, which are prone to up-and-down swings in production, were the main contributors to the monthly fall in output, after rising by almost the same amount in March.

Also, the overall output of the industrial sector, although still weak, was stronger than economists predicted. Industrial production rose 0.2% on the month and 0.7% year-on-year, as oil fields and offshore pipelines in the British North Sea continued to recover from the global slump in commodity prices and started to operate at a fuller capacity.

Some analysts also hope future official data will show the British industrial sector enjoyed better health in May, once the effects of an uncertain general election had faded.

"The underlying fundamentals for business investment seem decent overall which will hopefully support demand for capital goods, especially now that the risk of political uncertainty and instability has essentially disappeared for the time being following the Conservative's gaining of a majority in the general election," said Howard Archer, analyst at IHS Global Insight.

Regardless, weak manufacturing and construction leaves the U.K. economy highly dependent on its service sector, which makes up about 80% of total national output.

-Write to Jon Sindreu at jon.sindreu@wsj.com

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LONDON--British manufacturing output relapsed after two months of growth and dipped in April, official figures showed Wednesday, adding to concerns that the U.K. economy failed to pick up speed in the second quarter. U.K. factories decreased production by 0.4% compared with March, the Office for National Statistics said, which amounted to a 0.2% rise year-on-year.

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High gearing can be good

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Mcdonalds announcing sweeping changes as sales plummet

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The chief executive of McDonald's admitted on Monday that the world's largest burger chain is "not on our game" as he announced sweeping changes designed to revitalise the company which is rapidly losing customers to a new breed of customer-focused fast-food chains.

"The reality is our recent performance has been poor. The numbers don't lie," Steve Easterbrook, McDonald's new president, said on Monday as he ripped up the company's global corporate structure in a plan to "shape McDonald's future as a modern, progressive burger company".

Easterbrook, a Briton who took over as chief executive on 1 March, said he would "return excitement to our proposition and brand". In a 23-minute video he said: "The message is clear we are not on our game ... We must improve, or we will be selling our customers short and leaving open opportunities for competitors."

Easterbrook said he was "not interested in average for this business" and the company needed more "hard-edged accountability".

The 47-year-old father-of-three, who has billed himself as an "internal activist" and "constructive agitator", said the corporate structure of McDonald's had made it too slow to respond to the needs of its 69m daily customers.

"[We need] sharper focus on the customer," he said. "Sharper focus on what they want."

Easterbrook told the Guardian that being "progressive" meant the company would be "anticipating the needs of our customers tomorrow".

"This was all about making sure we are nimble and anticipating trends," he said. "Progressive means we offer a compelling pay [package] for our staff."

He refused to answer questions about whether the company would increase workers' wages beyond a recent pledge to lift company-owned (rather than franchised) restaurant workers' pay to $9.90, up from an average of $9.01.

On Monday, McDonald's workers announced plans to gatecrash the shareholder meeting later this month with "the biggest-ever protest" demanding an end to "poverty wages" paid to its staff.

Easterbrook warned investors that it would take time for his planned changes to have an effect on the company's financial performance. McDonald's has reported six straight quarters of sagging sales, depressed profits and another miserable outlook; 2014 was one of the worst years in its 60-year history.

"While we continue our efforts to regain business momentum through our turnaround plan and improve sales at our more than 36,000 restaurants around the world, our current performance reflects the ongoing pressures of the business, which we expect to persist through at least the first half of the year," Easterbrook said. "We are taking decisive and necessary action to drive foundational improvements in the business and position the company for long-term growth."

The plan was met with skepticism by investors and analysts. The credit agency Standard & Poor's cut its rating on McDonald's from 'A' to 'A-'.

"We believe the new CEO is focused on a wide range of initiatives. Still, the competitive environment is fierce even as the restaurant segment seems to be benefiting from lower gas prices," S&P's analysts said.

Larry Light, a former McDonald's chief marketing officer and current chief executive of the marketing consultancy firm Arcature, told CNBC: "Based on this presentation, I'd defy anyone to figure out what they want the brand to be when it grows up. When it came to a discussion on the brand, there were glittering generalities but no specifics."

Another former McDonald's executive, Jerry Langley, said: "Steve Easterbrook is addressing a major issue for the company - the menu complexity and its impact on customer service - and, given time to implement, I think we'll see positive impacts. I also like his restructuring of the organization.

"It will allow management to focus on the existing large markets that make up the majority of revenues, as well as doing special things to focus on the smaller and developing markets that have different needs. Nothing 'major' here - just redefining how they do business, with the customer in mind."

The geographic structure will be replaced by one that groups countries by the challenges they face. From 1 July the new structure will consist of four groups: the US (its largest market representing 40% of sales), international lead markets (Australia, Britain, Canada, France and Germany), high-growth markets (such as China, Russia and South Korea) and foundation markets (the rest of the world where the company will take a step back in favour of increased franchising).

"Today we are announcing the initial steps to reset and turn around our business," he said. "As we look to shape McDonald's future as a modern, progressive burger company, our priorities are threefold: driving operational growth, returning excitement to our brand and unlocking financial value.

"As we turn around our business, we will look to create more excitement around the brand and ensure that we build on our rich heritage of positively impacting the communities we serve. We are taking decisive and necessary action to drive foundational improvements in the business and position the company for long-term growth."

Fight for $15, the union-backed group lobbying McDonald's for wage hikes, said the company's moves would not alter its plans to hold what it hopes will be the largest protest outside the company's Chicago headquarters later this month. Last year's protest led to 101 arrests.

"We may not have a seat in the room, but we're sure that McDonald's will hear us when we say that its turnaround needs to include investment in and respect for its employees," said McDonald's worker Adriana Alvarez.

The company also plans to cut $300m in costs by about 2017. The company said it was too early to say how that would affect jobs. It will also increase the proportion of restaurants franchised globally over the next four years to 90% from 81%.

The new corporate structure will be led by: Mike Andres, who will continue as president; McDonald's US, Doug Goare, president McDonald's Europe, will become president of international lead markets; Dave Hoffmann, president of McDonald's Asia/Pacific, Middle East and Africa (APMEA) will become president of high-growth markets. Ian Borden, chief financial officer of the APMEA region, will become president of foundational markets.

McDonald's shares were down 0.9% to $96.93 at 1.30pm ET.
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McDonald's plans huge shakeup as CEO admits: 'Our performance has been poor'

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The chief executive of McDonald's admitted on Monday that the world's largest burger chain is "not on our game" as he announced sweeping changes designed to revitalise the company which is rapidly losing customers to a new breed of customer-focused fast-food chains. "The reality is our recent performance has been poor.

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White sparks burst into the air as a man in blue overalls draws the fiery beam of his welding torch across a large metal tube. He flips up his face mask to inspect the molten join shrouded in a faint pall of white smoke.

This is JCB's headquarters in Rocester, Staffordshire, where an army of workers are welding, bolting and testing the British manufacturer's latest diggers and heavy lifting machines.

"I don't think anyone needs to worry about UK manufacturing, as long as we continue to make the right investments," says Mark Turner, group MD of business operations .

But despite such optimism, Britain needs more businesses like JCB to help the government wean the economy off its dependency on debt and consumer spending, on the evidence of the widening trade deficit revealed in official statistics last week.

The digger maker is one of the UK's biggest private companies. It employs 12,000 people around the world, half of them in Britain. It has 22 factories, including 11 on home turf, where it makes nearly everything required for its signature yellow machines, including engines, transmissions and cabs. In 2013, it had sales of £2.68bn and profits of £313m, its third-most profitable year ever. It exports 75% of its machines to around 140 countries.

It has 3,300 suppliers and consumes 175,000 tonnes of steel and 1,600 tonnes of yellow paint a year to produce its diggers. The family-owned manufacturer has a huge influence on Britain's economy. Independent analysis by Oxford Economics suggests JCB contributes £1.4bn a year to GDP, £545m to the Treasury's coffers and supports 24,000 British jobs. It estimates that every full-time JCB job supports another three in the supply chain.

Stalwarts reckon its history of steady growth is testament to the benefits of being privately owned because it can plot a long-term investment plan without having to explain why to demanding City investors. "We don't have to worry about the quarterly results to see what some analysts have to say about us," Turner says.

Its latest ambitious plan is to invest £150m to expand its UK manufacturing operations. This will include two factories and a £15m facelift for the production line of its Loadall telescopic handler, a truck with a long-reach loading arm.

"If we'd been a plc, investors would have asked 'What are you going to do that for?' It's our business, our responsibility, so let's make the right investment."

It is a philosophy that has stood the test of time. Joseph Cyril Bamford founded JCB in 1945 after he was fired by his uncle from the family business, Henry Bamford & Sons, which made agricultural equipment. The young JC Bamford decided to go it alone from a rented garage in nearby Uttoxeter. He produced the world's first backhoe loader digger in 1953.

The yellow digger has now sold more than half a million, accounting for one in every two backhoe loaders sold around the world. It helped propel JCB into the big time and the group is now the world's third-biggest manufacturer of construction machinery, behind Caterpillar of the US and Japan's Komatsu.

The rented garage is now a distant memory. But Bamford never forgot his roots and had an exact replica of the tiny workspace built on JCB's 175 acre head office site as a permanent reminder of the company's humble beginnings.

JCB has been at this facility since late 1950. Huge manmade lakes surround the head office and adjoining factories and it has a helipad so the group's two helicopters can fly customers and visiting dignitaries in and out quickly.

The industry giant is still run and owned by the Bamford family; it is now led by Lord Anthony Bamford, son of the founder and prominent Tory party donor. Since taking over the reins from his father in 1975, he has forged an ambitious expansion that has seen JCB set up manufacturing operations in India, China, Brazil and America. He has also augmented the digger giant's domestic footprint. In 2004, JCB began to make its own engines. Before this, it was reliant on other producers, such as Perkins. Now JCB engines power around 70% of its machines. It reckons they are about 30% more efficient and have saved customers around a billion litres of fuel since launch.

Turner believes Britain's construction market has stabilised, following a tough period during the credit crunch. However, he is quick to note that Britain is just one of its 140 markets so a downturn in one country can be offset by growth elsewhere.

Having complete freedom from the whims of external investors is one thing, but there's more to the JCB culture. On a tour of the factory floor, it becomes clear that JCB is unlike most modern manufacturers. Elements of the founder's paternal management style remain strongly entwined in the business.

In 1964, Joseph gave his workforce a bonus that was so generous some members of staff were able to buy their homes with it. JCB still pays a Christmas bonus and while staff may not be able to buy their homes with the festive perk, the company also offers onsite gyms and operates an angling club that fishes in the adjoining lakes. It also has annual production shutdowns, including a three-week closure in the summer.

Karel Williams, professor of accounting and political economy at Manchester Business School, reckons Britain should do more to help family firms to develop and become global powerhouses: "The reason why Britain doesn't have more businesses like JCB is that founding families and owners are tempted to sell too early. We need to attend much more closely to the incentives to hold and develop their businesses into world beaters."

To ensure JCB keeps up to speed with new technologies, every year it spends about 3% of its turnover - some £80m - on R&D. The investment that JCB has made in the business is clearly evident from the production line. The one-tonne metal skeleton of a backhoe loader moves slowly but surely along the line as gangs of men move in and out to fit the transmission; add wheels; bolt in the engine; attach a cab; fix hydraulics and add the huge claw-like shovels to the front and back. By the time it rolls off the end of the line, the workhorse of the JCB range weighs eight tonnes and is ready for some hard graft. One of these yellow beasts rolls off the line every nine minutes and one Loadall is churned out every seven minutes.

Each machine is built to order and JCB can produce hundreds of variations of the same thing. It has identified the Loadall as a key growth area. It has won admirers from both the construction and agriculture sectors for its lifting power and telescopic reach of up to 20 metres.

JCB consumes 60,000 tonnes of steel a year to make the Loadall and uses 160,000 tonnes of welding wire on the machine - enough to wrap around the world seven times. "These are built to last," says Turner.

JCB has a rich 70-year history, but it is typical of the culture here that Turner is more concerned with the future. "This isn't about yesterday's business," he says. "It is about where we are going to be in five or 10 years' time."
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JCB: Britain's yellow digger, a money machine scooping up sales of £2.6bn

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White sparks burst into the air as a man in blue overalls draws the fiery beam of his welding torch across a large metal tube. He flips up his face mask to inspect the molten join shrouded in a faint pall of white smoke.

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Manufacturing in the UK has fallen but is still good

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Manufacturing in the UK has fallen but is still good

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Sterling has fallen sharply against the US dollar after growth in the UK manufacturing sector slowed markedly in April.

Financial data company Markit said its monthly Purchasing Managers' Index (PMI) for manufacturing fell to 51.9 in April from 54 in March.

Although a figure above 50 still indicates expansion, the fall was the biggest since February 2013.

The pound was down more than 2 cents, or 1.4%, to $1.5139.

Sterling also fell against the euro to €1.352.

Companies said the strength of the pound against the euro was affecting competitiveness in the eurozone.

The Markit survey follows the release of official figures on Tuesday that showed the UK's economic growth rate halved to 0.3% in the first quarter of the year.

Rob Dobson, senior economist at Markit, said: "Today's UK PMI delivered less-than-positive news on the health of the manufacturing sector.

"Any signs of rebalancing the economy towards manufacturing and exports remain frustratingly elusive."

Survey hits sterling

The survey found that new export orders fell at the fastest rate since January 2013, job creation was "modest", and manufacturers cut prices at their fastest rate in almost six years.

In recent months, the pound has gained in value against the euro. In March, it was at its highest level compared with the single currency in seven years, making UK goods more expensive in the eurozone.

At the same time, sterling has weakened against the dollar, and the survey said prices paid for goods priced in dollars had risen.

David Tinsley, an economist at UBS, said: "The source of the drop [in the PMI] may be an indicator that the appreciation of sterling against the euro is having an impact on UK manufacturing competitiveness.

"One would hope that as the upswing in the eurozone gains traction demand may begin to compensate for the currency move, but it's a reminder that monetary policy will need to be sensitive to the pound."

However, Lee Hopley, chief economist at EEF, the manufacturers' organisation, said: "It would be premature to write off manufacturing's contribution to growth in the future, not least because continued employment growth points to some confidence about longer-term prospects."

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Sterling has fallen sharply against the US dollar after growth in the UK manufacturing sector slowed markedly in April. Financial data company Markit said its monthly Purchasing Managers' Index (PMI) for manufacturing fell to 51.9 in April from 54 in March. Although a figure above 50 still indicates expansion, the fall was the biggest since February 2013.

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#Buss3

#Ratios

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Twitter Reports First Quarter 2015 Results; Lowers Full-Year 2015 Expectations (NYSE:TWTR)

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SAN FRANCISCO, Calif. - April 28, 2015 - Twitter, Inc. (NYSE: TWTR) today announced financial results for the quarter ended March 31, 2015, and outlined lower 2015 expectations. Q1 revenue of $436 million, up 74% year-over-year, slightly below the previously forecast range of $440 million to $450 million. Excluding the impact ...

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Banking and ethics......is it an oxymoron?

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Banking and ethics......is it an oxymoron?

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Barclays has put aside another £800m, largely to cover potential further legal action and penalties for alleged foreign exchange manipulation.

The figure was released as Barclays reported a 26% drop in quarterly statutory profits to £1.34bn.

However, excluding one-off items, including another £150m for mis-selling of payment protection insurance (PPI), adjusted profit rose 9% to £1.85bn.

Barclays' chief executive said he was pleased with the start to the year.

Barclays has now put aside £2.05bn to cover foreign exchange settlements. Last year, six leading banks reached a settlement with US and UK regulators over allegations they were trying to rig the foreign exchange market, but Barclays has yet to reach a deal for its alleged malpractice.

The bank's finance director, Tushar Morzaria, said the new provision reflected "the further discussions that we've been having with a number of regulators and agencies around the world across multiple jurisdictions and it really reflects our best estimate of the full cost of these related matters".

He said Barclays was trying to resolve the matter, but the timing was out of its hands: "We don't control the timetable, but we're working as hard as we can to resolve these matters."

In November, HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America were all fined for colluding to interfere with the market-set price of various currencies.

The fines were issued by the UK's Financial Conduct Authority (FCA) and two US regulators.

Overhaul

PPI mis-selling has now cost Barclays £5.4bn. In total, UK banks have paid out more than £26bn for this type of mis-selling.

Last year, Barclays began a thorough overhaul of its business under boss Antony Jenkins.

Barclays has scaled back its once-mighty investment banking division and is placing a greater emphasis on retail banking.

It is in the process of cutting 19,000 jobs, cutting costs and selling off unwanted assets.

Barclays said so far it had cut costs by 7% and reduced investment risk.

Mr Jenkins said: "While we still have much to do, I am pleased with how we've begun 2015."

The bank's statement also said that resolving legacy conduct issues (such as mis-selling and market rigging) was an important part of its plan to transform Barclays.

Richard Hunter, at Hargreaves Lansdown Stockbrokers, said that resolving these issues was proving troublesome: "The clear fly in the ointment is the additional provisions undertaken for the forex investigation and litigation, as well as the seemingly perennial PPI situation.

"The fact that these are being made are further proof if it were needed that the bank is still some way from distancing itself from the legacy conduct issues prevalent in the sector."

Shares in Barclays closed down 1.7% to 256.95p.

TSB growing

Separately, High Street rival TSB Banking Group reported first quarter profits of £34.2m.

The bank, spun off from the Lloyds Banking Group last June, said its share of people switching bank accounts had risen to 7.9%, above its target of 6%.

TSB is the UK's seventh biggest bank. Although it has been independent of Lloyds for less than a year, it has already agreed to be taken over by the Spanish bank Sabadell.

Its chief executive, Paul Pester, said: "TSB is starting to fire on all cylinders as we take on the big banks in our mission to bring more competition to UK banking."

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Barclays has put aside another £800m, largely to cover potential further legal action and penalties for alleged foreign exchange manipulation. The figure was released as Barclays reported a 26% drop in quarterly statutory profits to £1.34bn. However, excluding one-off items, including another £150m for mis-selling of payment protection insurance (PPI), adjusted profit rose 9% to £1.85bn.

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#LessonsLearnt

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Some of these may surprise you

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Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the eighth largest manufacturing nation in the world.

Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

The ONS attributes the sustained growth to a better quality; more skilled workforce; a shift in production from low to high productivity goods; improvements in automation and technology; increased investment in R&D, and a more integrated global economy.
According to EEF, UK manufacturing currently:
Upcoming UK events from The Manufacturer:

Industrial Data Summit: Insight at scale - 18 April, London

Manufacturing Finance Summit: Risk/Reward revisited - 16 May, Oxford

Manufacturing Innovation Summit: Disrupt or be disrupted - 20 June, Liverpool

Women & Diversity in Manufacturing Summit: Fixing industry's skills shortage - 21 June, Liverpool

Manufacturing Robotics Summit: Productivity, efficiency, growth - 11 July, Birmingham

Manufacturing Leaders Summit: Your digital manufacturing toolkit - 14-15 November, Liverpool

Smart Factory Expo: The UK's biggest showcase of digital manufacturing - 14-15 November, Liverpool

The Manufacturer Top 100 2018: Report launch - 14 November, Liverpool

The Manufacturer MX Awards 2018: Gala Dinner and Awards Ceremony - 15 November, Liverpool

Although the contribution of manufacturing to GDP has declined on paper, many of the services provided to manufacturers which would have once been considered part of manufacturing - such as catering; cleaning; building services, security and so on - are now allocated into different areas of the economy.

However, those contributions are directly reliant on manufacturing for continued business and could actually be considered as a part of manufacturing's GDP input. As such, many are calling for the true value of manufacturing to be recognised, a move which would see the widely cited figure of 10% of GVA almost doubling to 19%.

Key findings from the Annual Manufacturing Report 2018 :

Every year Hennik Research publishes the Annual Manufacturing Report. Below are the key findings from the 2018 report (released in February 2018). You can download the full report here.

The Annual Manufacturing Report 2018 reflects a surprisingly resilient mood among UK manufacturers; surprising that is to those who haven't been paying attention.

The survey demonstrates conclusively that the argument for new digital technologies has been won: manufacturers accept that the future of (successful) manufacturing lies in the adoption of advanced - largely digital - technologies.

The core benefit of digital technology is the ability it offers manufacturers to monitor, and act upon, data flowing from connected machines, people and processes. Sensors pour data into locally and increasingly cloud-based computers where the data is crunched almost instantly to provide a moving, real-time picture of production.

This allows decision-makers, either humans or machines, to see weaknesses in the system before they become problems, or tweak systems to achieve greater efficiency. A clear 91% of respondents get this.

Furthermore, 80% of manufacturers believe Smart Factory technologies will improve their supply chain relationships, and 89% believe Smart Factory technologies will enable employees to work smarter.

Although, respondents split 67% - 33% in favour of the notion that they can access finance with some ease, it is a very weak majority and could quite easily have broken the other way. Fewer than 10% say they find access to finance 'easy', for example.

There appears to be a distinct lack of confidence in the future, suggesting that even if manufacturers do have the cash for investment, they remain reluctant to spend it on technologies and plant that will improve profitability and productivity.

Sentiment in business is everything, and the prevailing sentiment here is very clearly one of uncertainty.

And that brings us to Brexit, the uninvited guest who muscles in on every discussion about business these days.

More than 50% of our respondents believe that the post-Brexit landscape will be a tough on for SMEs, and that the opposing argument that the investment climate will be very positive attracted only soft support - which should give policymakers pause.

No amount of stirring words form politicians will alter perceptions of what Brexit has in store. Policy that demonstrates government has a plan is needed.

When two or more manufacturers get together, it is a better-than-evens bet that within 30 minutes the conversation will turn to the lack of skilled recruits. For many companies, this is becoming an existential issue.

We can revel in the opportunities that advanced digital technology offers, but if the education system is not producing young people who can staff this digital future, it is little wonder why this is such a pressing issue.

More encouragingly, respondents - by a margin of 3-1 - believe that apprenticeships are finally gaining respect as an alternative to university. Their resurgence goes some way to reversing the downward trend of the past 30 years, but the overwhelmingly positive view manufacturers have of them is countered by the fact that many companies, particularly smaller ones, are finding it extremely difficult to make the system work for them.

The majority (55%) believe that the government is sending mixed messages about this issue, nowhere more so than the Apprenticeship Levy. Only 5% have total confidence in the Levy achieving its stated goals, with some offering lukewarm support, and most downright criticism.

INDUSTRIAL DIGITALISATION

It is tempting to view the survey results on this issue as encouraging, and in line with all the messages that have been broadcast over the past few years about the need for manufacturers to embrace industrial digitalisation. And yet, there is clearly a degree of reserve in the answers.

There does not exist, as far as we can tell, a totally ringing endorsement for digital technologies. Perhaps suggesting that while the case for adoption is known, there is still a lag in pulling the trigger on investing in them.

There is arguably more to cheer in the view that digitalisation opens the door to new business opportunities under the heading of 'servitization'. Just as software companies saw the benefits presented by software-as-a-service (SaaS) some time ago, manufacturers are increasingly aware of how technology can unlock some of the long-term value embedded in their products through service offerings, performance monitoring and upgrades.

GOVERNMENT POLICY & INDUSTRIAL STRATEGY

There is a tendency to assume that anyone at risk of being affected by a political development the size of Brexit will be automatically doom-laden about surviving it. In fact, in our conversations with manufacturers over the past 18 months, we have found them to be generally sanguine about it.

Of course, manufacturers - like most business people - dislike anything that creates uncertainty, but almost all have said 'Brexit is happening, let's get on with it and deal with whatever comes our way'. And that is reflected in our survey.

We were as even-handed as possible, asking whether respondents believed Brexit would boost UK manufacturer or cause chaos. They split 46-54, a surprisingly balanced response that is not hugely dissimilar from the Brexit vote itself.

However, manufacturers believe the road to Brexit will be politically difficult and will likely push the Industrial Strategy either down the agenda or off it completely.

Manufacturers who want to succeed in the coming years - years made all the more uncertain by Brexit and its consequences - need to have growth strategies that involve getting more efficiency out of their processes and finding more customers to sell to, thereby increasing their output.

By all accounts, this is easier said than done. Our survey found that more than 60% of manufacturers are on course to maintain or improve profitability without significant change, but close to 40% are beginning to wonder where profits will come from. That is a disconcerting figure and goes some way to explaining some of the sluggishness in growth the UK is experiencing.

Similarly, more than 70% believe that conditions are right for improving exports, which is hardly surprising given the rise in global economic activity in 2017. But again, the fact that close to 30% of manufacturers appear to have no idea how to get involved in exporting or building their trade outside the UK gives cause for concern.

Dive deeper into each section's findings and our analysis of them by downloading the full report.

British Aerospace at a glance

128,000+ direct jobs // 140,000 indirect jobs

£31bn annual turnover

30% productivity growth in the past five years

39% growth since 2010

18% global market share - largest in Europe and second globally to the US

90% of turnover to export markets - worth £26bn

Almost a decade's worth of work in hand, with an order book of more than 13,000 aircraft worth up to £195bn to the UK

(Information courtesy of www.adsgroup.org.uk)

British Automotive at a glance

169,000+ direct jobs // 78,000 employed across UK supply chain

25,000 new jobs to be created to cover the production of connected and autonomous vehicles

2,000+ automotive suppliers in the UK - including 18 of world's top 20

£71.6bn annual turnover

80% of a vehicle can be manufactured in the UK

Annually adds £12.4+bn to the UK economy

Annually producing £34.3bn of exports - accounting for 12% of the UK's total export goods

(Information courtesy of www.smmt.co.uk)

British Chemical & Pharmaceutical at a glance

(Information courtesy of www.cia.org.uk)

British Construction at a glance

(Information courtesy of www.cic.org.uk)

British Defence at a glance

142,000 direct employees // Almost the same number in indirect jobs

Employs 4,300+ apprentices and trainees

£24bn annual turnover

18% growth since 2010

The UK is the world's second biggest defence exporter behind the US, generating an average of £7,7bn for the UK every year

34% export growth between 2009 - 2013

9,000+ defence companies including SMEs exist in the UK

BAE Systems - the UK's largest defence company - currently employs 40,000 domestically

(Information courtesy of www.adsgroup.org.uk)

British Electronics at a glance

(Information courtesy of www.techuk.org)

British Energy at a glance

(Information courtesy of www.energy-uk.org.uk)

British Food & Drink at a glance

(Information courtesy of www.fdf.org.uk)

British Nuclear at a glance

(Information courtesy of www.niauk.org)

British Plastics at a glance

(Information courtesy of www.bpf.co.uk)

British Security at a glance

(Information courtesy of www.adsgroup.org.uk)

British Steel at a glance

30,000 direct jobs

54% of UK Steel workers work in Yorkshire and the Humber, or Wales

Annually adds £9.5bn to the UK economy

Exports worth £4.9bn in 2013

1m tonnes of output in 2014

The value of the industry has declined by almost a quarter (24%) since 1990

More waste steel is recovered in the UK and recycled than all other materials combined

Each tonne of scrap recycled by the industry saves 1.9 tonnes of iron ore and 0.6 tonnes of coal

(Information courtesy of www.eef.org.uk/uksteel)

British Space at a glance

34,000+ direct jobs // 72,000+ indirect jobs

£11bn annual turnover

Growing at more than 8% a year

Exports worth ££4bn to the UK

Achieved 27% growth since 2010

Largest application is broadcasting, followed by telecommunications

Services support disaster relief; telemedicine; navigation, and broadcasting

(Information courtesy of www.adsgroup.org.uk)

British Textile at a glance

(Information courtesy of www.fashionunited.co.uk)

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Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the eighth largest manufacturing nation in the world. Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

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#CSR

#Leadership

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Channel 4's award-winning investigative current affairs programme

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Tutorial videos constantly updated and now including worked Buss 3 answers

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Mr Turner - A fountain of knowledge and resources

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Mr Turner - A fountain of knowledge and resources

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Something went wrong, but don’t fret — let’s give it another shot.

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This morning HSBC has announced that it is going to look - again - at whether it would be better served by moving its headquarters out of London.

Regulatory pressure, political attacks following revelations of errant behaviour and hefty new taxes have sparked the decision.

HSBC has also said that uncertainty over Britain's future in the European Union is weighing on its future as well as new rules which oblige banks to split their retail and investment banking activities - the ring-fence.

The pressure to launch this review has come from the HSBC board which has been pushed by investors worried about sub-par performance. Profits are down at the bank and the share price is under-performing.

If HSBC were to move - and that is a very big, costly, politically difficult if - it would be a significant moment for the City and Britain's place as the home of major global banks.

Bank levy

HSBC is the largest of the UK's "Big Five" banks. Of the four others, Royal Bank of Scotland and Barclays are reducing the size of their global businesses.

Lloyds Bank now proudly thinks of itself as largely a UK bank.

And Standard Chartered, which does most of its business in Asia and Africa, is likely to consider a similar review of where it is headquartered following the arrival of its new chief executive, Bill Winters, later in the year.

When HSBC's present chief executive, Stuart Gulliver, took over in 2010 he stopped the bank's three-yearly review of where HSBC is headquartered.

He believed at that time that it would unnecessarily divert management attention away from the difficult issues of reducing the size of the bank and getting out of under-performing businesses.

It was also unclear at that stage how the ring fence would affect the way the bank operated.

Since then, the UK bank levy - a Britain-only tax that is particularly hefty for banks like HSBC with large balance sheets - has been slowly ratcheted upwards.

Last year, the tax cost HSBC £750m, a sizeable chunk of the £1.9bn raised in total for the government from the banking sector.

Privately, Mr Gulliver has pointed out that the levy wipes out a good chunk of the UK bank's profits.

And he doesn't like that very much.

As part of the review I am told that the bank could even consider selling its UK retail bank and becoming even more Asian-focused.

Don't forget, £8 of every £10 the bank makes in profit comes from its lucrative Asian businesses.

Alternative locations

Of course, there is a lot of politics in all this and some will accuse the bank of shroud waving.

Despite regulatory change, London is renowned for being a stable centre for financial services.

It has a robust legal system, well developed capital markets which allow huge banks like HSBC to fund their activities and is in a time zone ideal for doing business in America and Asia.

There are also very few markets in the world large enough to handle a global bank with 260,000 employees and a market capitalisation of £118bn.

One is New York. But HSBC has its fair share of problems in America where it is under a special regulatory regime following findings against it for supporting drug cartel operations in Mexico.

Hong Kong could be another option, but the political risks of moving under the umbrella of China could be legion.

Yes, HSBC has launched a review. Whether it would actually take the momentous decision to leave London is another matter entirely.

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This morning HSBC has announced that it is going to look - again - at whether it would be better served by moving its headquarters out of London. Regulatory pressure, political attacks following revelations of errant behaviour and hefty new taxes have sparked the decision.

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Bullet 1-tech

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In an attempt to attract more household goods shoppers, retail giant Amazon has unveiled a device that can place orders to replenish items such as washing powder and razors.

The Dash Button can be attached to appliances around the home, and when pushed, processes a delivery request.

The service will only be available to users of Amazon's premium subscription service, Prime.

The tech giant has recently focused on speeding up its ordering processes.

Prime Now, which guarantees one-hour delivery on essential daily items, is available in four US cities, and the company has also been trialling deliveries by drone.

On Monday, the firm launched Amazon Home Services, which allows customers to order professional services such as a handyman or computer technician.

The timing of Dash's launch led some to initially believe it might be an April Fool's joke. Even after it was confirmed as real, some were uncertain what to make of it.

"I'm not sure whether this is genius, or the stupidest thing Amazon has tried yet," commented John Gruber on the Daring Fireball blog.

But one expert was impressed.

"This is absolutely not a gimmick," Aidan Bocci, chief executive of the Commercial Advantage consultancy, told the BBC.

"It may have to go through iterations before it really works, but this is a way to disrupt the linkage that exists between consumption and purchase.

"People typically write a shopping list and then go to the supermarket, but this gives Amazon a way to break in before any of that happens. And it's exactly what the firm should be doing if it wants to have a different approach in the grocery sector."

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In an attempt to attract more household goods shoppers, retail giant Amazon has unveiled a device that can place orders to replenish items such as washing powder and razors. The Dash Button can be attached to appliances around the home, and when pushed, processes a delivery request.

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Opportunities for Britai

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The market for 3D printing is set to sextuple over the next five years as the enterprise and consumer segments advance at a rapid rate and products using vat-polymerisation technology rapidly come to the...

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The market for 3D printing is set to sextuple over the next five years as the enterprise and consumer segments advance at a rapid rate and products using vat-polymerisation technology rapidly come to the...

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Bionic man printed

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A UK startup has created a custom-built bionic arm using 3D printing technologies for under £1,000 - a fraction of the cost of other bionic arms currently on the market.

Bristol-based Open Bionics showed off one of its creations at the Smart Nation Innovations conference in Singapore on Wednesday (22 April).

"We wanted to make low cost bionic hands and a really good way to do that was through 3D printing and other 3D technologies like 3D scanning and 3D modeling," Samantha Payne, chief operating officer at Open Bionics, told IBTimes UK.

"We wanted to make a bionic hand that wasn't trying to pretend to be a human hand, we wanted to make something that was better and more fashionable and more daring."

The methods used to create the bionic arms mean that it is around half the weight of existing bionic arms, which currently cost between £20,000 and £80,000.

Open Bionics have already been through 13 different design iterations of its bionic arm and hopes to be in a position to sell them within the next 12 months.

More about Smart Nation Innovations, Singapore

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Open Bionics: UK startup creates custom fitted 3D printed bionic arm for less than £1,000

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A UK startup has created a custom-built bionic arm using 3D printing technologies for under £1,000 - a fraction of the cost of other bionic arms currently on the market. Bristol-based Open Bionics showed off one of its creations at the Smart Nation Innovations conference in Singapore on Wednesday (22 April).

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For anti-monopolistic practices

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China has fined Daimler's Mercedes-Benz 350m yuan ($56.5m; £37.6m) for price-fixing as part of a broader clampdown on anti-monopolistic practices.

A pricing regulator in Jiangsu said the luxury German carmaker pressured local dealers into setting a minimum sales price on some of its car models.

Some of its local dealers were also fined 7.7m yuan, regulators said.

A Mercedes-Benz said it "accepts the decision and takes its responsibilities under competition law very seriously".

"We have taken all appropriate steps to ensure to fully comply with the law," a spokesperson told the Reuters news agency.

In a statement, the Chinese regulator said: "The investigation found Mercedes-Benz and its dealers in Jiangsu came to and carried out monopoly agreements to cap the lowest sales prices of E-Class, S-Class models and certain spare parts."

Last year, the Xinhua news agency reported that Mercedes had also been found guilty of manipulating the prices of after-sales services in China.

Crackdown

China is the world's largest car market and foreign automakers have been under scrutiny for allegedly reaping high profits by overcharging customers.

Last year, Chinese regulators fined the local units of Volkswagen and Fiat Chrysler a combined $46m for price-fixing.

They also levied a record fine totalling 1.24bn yuan on 12 Japanese car parts companies including Sumitomo Electric and Mitsubishi Electric for price-fixing.

Authorities also conducted investigations into foreign business practices in the pharmaceutical, technology and food sectors.

Last August, six producers of infant formula - all foreign companies - were given a record fine for price-fixing.

As a result, there have been rising concerns in the foreign business community that they are being targeted disproportionately.

However, China says it does not discriminate between domestic and overseas companies.

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China has fined Daimler's Mercedes-Benz 350m yuan ($56.5m; £37.6m) for price-fixing as part of a broader clampdown on anti-monopolistic practices. A pricing regulator in Jiangsu said the luxury German carmaker pressured local dealers into setting a minimum sales price on some of its car models.

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#Takeover

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Royal Dutch Shell has bought the group for £47billion ($70billion).

Reading-based BG Group, which reported a £3.35billion loss in the last quarter of 2014, rushed out a statement this morning after yesterday saying it was in "advanced discussions" about the buyout.

The companies unveiled details of the major merger this morning as the London stock exchange opened.

The investment comes as the oil industry attempts to become more efficient and reduce costs as the price of oil continues to fall.

Shell chief executive Ben van Beurden said: "Bold, strategic moves shape our industry. BG and Shell are a great fit. This transaction fits with our strategy and our read on the industry landscape around us."

Natural gas producer BG Group was created in 1997 after the demerger of British Gas. BG Group took control of production and exploration while Centrica has responsibility for the retail side of the business and operates the British Gas brand.

BG employs 5,200 staff in 24 countries. It has key growth projects in Brazil and Australia.

The deal values the business at 383p a share. It will result in BG shareholders owning around 19 percent of the combined group.

In January Shell pulled out of nearly $10billion planned investment over the next three years. BG Group's finances have been equally woeful, mainly driven by the dive in global commodity prices.

Shell announced a cull of 300 jobs in its North Sea operations last month in a cost-cutting drive.

Today Mr van Beurden said it remained "committed" to the North Sea.

The merger will increase Shell's proved oil and gas reserves by 25% and increase production by 20%. It will strengthen Shell's positions in new gas and oil projects and generate $2.5billion (£1.7billion) a year.

Mr van Beurden also said it would consider investing in Iran if the country opens up.

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Shell buys British gas company BG Group in mammoth £47BILLION deal

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Royal Dutch Shell has bought the group for £47billion ($70billion). Reading-based BG Group, which reported a £3.35billion loss in the last quarter of 2014, rushed out a statement this morning after yesterday saying it was in "advanced discussions" about the buyout. The companies unveiled details of the major merger this morning as the London stock exchange opened.

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Rolls-Royce has said that John Rishton will retire as chief executive on 2 July and be replaced by Warren East.

Mr Rishton, who has been at the firm since 2011, said it was "time for a change in lifestyle".

Mr East was head of UK chipmaker Arm Holdings between 2001 and 2013 and has been a non-executive director at Rolls-Royce since the beginning of last year.

He helped turn Arm into a leading developer of chips to major technology companies such as Apple.

He said he was "delighted" to be appointed as the new chief executive.

"[Rolls-Royce] is well positioned in growth markets, with world-class engineering skills and a proud record of innovation and delivery.

"The markets which Rolls Royce serves and the technology it deploys are fascinating. This is a wonderful opportunity and I am very much looking forward to leading this remarkable company."

Mr Rishton said: "We have made good progress transforming Rolls-Royce and have a strong team in place. While there is clearly more to do, the company is better placed to face the future."

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Rolls-Royce has said that John Rishton will retire as chief executive on 2 July and be replaced by Warren East. Mr Rishton, who has been at the firm since 2011, said it was "time for a change in lifestyle".

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Tesco has reported the worst results in its history with a record statutory pre-tax loss of £6.4bn for the year to the end of February.

That compares with annual pre-tax profit of £2.26bn a year earlier.

It is the biggest loss suffered by a UK retailer and one of the largest in the country's corporate history.

Around £4.7bn of the losses were the result of the fall in property value of its UK stores, 43 of which it said would close earlier this month.

The decline in the value of its property portfolio comes as a direct result of falling footfall in many of its out of town superstores.

Tesco's chief executive Dave Lewis admitted it had been "a very difficult year for Tesco".

'Important first step'

He added: "The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years."

He said that he expected conditions in the coming financial year to remain challenging.

But Mr Lewis said more people were buying more things at Tesco and that this was "an important first step".

Analysis: BBC business editor Kamal Ahmed:

In the corporate world it's known as "kitchen-sinking" - finding all the bad stuff buried down the back of the sofa, adding it together and announcing a whopping great loss.

Today, Tesco became its latest proponent. In fact, to the kitchen sink Dave Lewis, the chief executive, has added the washing machine, the dish washer and the deep fat fryer.

The big, hairy, shiver-down the spine number is the revaluation of Tesco's 3,000 UK supermarkets and its stores overseas.

With the value of sales down and shoppers turning away from larger out-of-town stores, the business has admitted that its property portfolio simply isn't as valuable as it once believed.

Read Kamal's blog in full here.

'Another shocker'

The results cap a tumultuous year for the supermarket giant which is still being investigated by the Serious Fraud Office (SFO) after it overstated its half-year profit forecast in August by £263m.

Annual group trading profit, which counts sales through the supermarket's tills was also down 60% at £1.4bn, compared with £3.3bn a year earlier.

UK like-for-like sales excluding fuel declined by 3.6% in the year.

Marc Kimsey, senior trader at Accendo Markets, described the results as "another shocker" from Tesco.

He added: "This set of results disappoints on every level - the pre-tax loss exceeds the City's already dire expectations and the trading profit has fallen by almost 60% in just a year.

"Traders are now discounting positive management rhetoric regarding a 'turnaround plan'. Only the numbers will do now and sadly, they are not only disastrous, but deteriorating."

Meanwhile, Paul Thomas of the retail consultants Retail Remedy, described the results as not only one of the biggest losses in British corporate history, "it's a black hole that risks consuming a once all-powerful brand".

He said: "To say Tesco's chief executive has a mountain to climb to reverse its decline is to underplay the scale of the task. At times the combative Mr Lewis must feel like an ant scaling the Himalayas."

Biggest losses in UK corporate history:

1. Royal Bank of Scotland reported annual losses of £24.1bn in 2008

2. Vodafone reported an annual net loss of £21.8bn in 2006

3. Vodafone also reported a £13.5bn pre-tax loss in 2002.

4. Lloyds Banking Group reported a loss of £8.5bn in 2009 after its 2008 purchase of Halifax Bank of Scotland

5. Cable & Wireless announced losses of £6.5bn in 2003

6. Tesco reported losses of £6.4bn in 2015

The company said the performance of its European stores disappointed as a result of "strong competition from discount retailers" which held back its sales performance, particularly in Ireland which saw a like-for-like sales fall 6.3% in the year.

In Asia, Tesco said trading profit was £565m, once currency fluctuations were stripped out, 15.3% lower than a year earlier a result of sales falling in South Korea, Thailand, and Malaysia.

Tesco said it had also agreed a plan with the trustees of its pension scheme to pay £270m a year to help mend its £3.89bn pension deficit.

And it said it has started a consultation with staff to replace the current defined benefit pension scheme with a cheaper contribution-based pension scheme.

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Tesco has reported the worst results in its history with a record statutory pre-tax loss of £6.4bn for the year to the end of February. That compares with annual pre-tax profit of £2.26bn a year earlier. It is the biggest loss suffered by a UK retailer and one of the largest in the country's corporate history.

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Pay-TV broadcaster Sky has reported a 20% rise in operating profit helped by strong demand across Europe.

Sky said operating profit for the nine months to the end of March was £1.025bn, up from £854m a year earlier.

The broadcaster, which merged with Sky Deutschland and Sky Italia last year, reported record third quarter growth in customers in Germany and Austria.

Sky UK posted the highest third quarter rise in users and the lowest churn - customers leaving - in 11 years.

Across the group, Sky added 242,000 net new customers in the third quarter. That was almost 70% up on the same period a year earlier.

But the "stand out" performance came from its UK market which saw a 41% increase in net new customers in the third quarter to 127,000.

The rise takes Sky's total number of customers across Europe to 20.8 million.

Sky said it also grew paid-for subscription products by one million, taking total product sales to 3.8 million for the year to date.

Chief executive Jeremy Darroch said: "As these results demonstrate, our teams are working well together right across the new Sky.

"Five months in, our integration plans are progressing well and we are well positioned for the expanded growth opportunity ahead."

Sky said group revenues for the nine month period grew by 5% to £8.453bn. The UK and Ireland saw revenues rise by 6% to £5.824bn, in Germany they rose 9% to £1.037bn, while revenues in Italy were flat at £1.592bn.

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Pay-TV broadcaster Sky has reported a 20% rise in operating profit helped by strong demand across Europe. Sky said operating profit for the nine months to the end of March was £1.025bn, up from £854m a year earlier. The broadcaster, which merged with Sky Deutschland and Sky Italia last year, reported record third quarter growth in customers in Germany and Austria.

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Short-term lender Wonga made a pre-tax loss of £37.3m in 2014 amid a major overhaul of the controversial company.

The lender, which made a pre-tax profit of £39.7m in 2013, witnessed a hefty drop in lending to UK consumers.

Wonga admitted it needed to address "the problems of the past" and is predicting another loss in 2015.

Last year, it apologised and agreed to pay compensation to customers after using letters from fake legal firms when chasing debts.

That left it with a compensation bill of £2.6m to be paid to 45,000 customers, not all of whom have been located yet.

It also had to write off thousands of unsuitable loans. Debts worth £220m from more than 300,000 customers were cancelled, owing to a failure to assess properly whether those borrowers could repay.

Shrinking business

The company said that revenues fell by 31% in 2014 compared with 2013, driven by the cut in lending to UK consumers.

It reported a 36% fall in lending volumes fell to £732m last year, from £1.1bn in 2013. It made 2.5 million loans in the UK in 2014, compared with 3.7 million in 2013, while total customer numbers in the UK fell from about one million to 575,000.

Chairman Andy Haste, who arrived last summer, said: "We said Wonga would be smaller and less profitable in the near term as we focus on creating a sustainable business that lends responsibly and transparently to customers who can afford to borrow from us.

"We know it will take time to repair our reputation and gain an accepted place in the financial services industry."

Wonga, along with other payday lenders, now faces strict new rules from the regulator, the Financial Conduct Authority (FCA), which ruled that customers must face stricter affordability checks.

The regulator said it expected a large number of payday loan operators to exit the market as a result. Wonga said the new regulations had led to a 12% rise in operating costs.

Lenders are no longer allowed to roll over a loan more than twice, nor attempt to reclaim payment from a borrower's account more than twice. There is also a cap on the cost of lending in the UK.

Wonga's rate of defaults on loans by struggling borrowers stood at 6.6% last year, compared with 6.9% the previous year.

'Tough year'

Paul Miles, chief financial officer, said costs had been cut. Earlier this year, the company announced 325 job losses - more than a third of its staff. The posts were being cut in teams that supported the UK business, affecting offices in London, Dublin, Cape Town and Tel Aviv.

Wonga said that it would expect a loss in 2015, but launch new products and seek debt funding in 2016, although it offered no outline of what those products might be.

Mr Haste said that the company needed to move away from "the almost exclusive reliance on one product and one price".

He argued there was still a place in society for short-term credit offered by payday lenders.

"But only if they put their customers first and lend responsibly. Regrettably, that has not always been the case at Wonga," he said.

In July last year, Wonga cancelled its British TV ad campaign, saying it did not want to be associated with "anything which inadvertently attracts children", although they continued for a time in Spain and Poland.

The company reported growth in international lending in 2014.

Wonga also sponsors Newcastle United football club, but has agreed to remove its logo from all children's replica shirts from the 2016-17 season.

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Short-term lender Wonga made a pre-tax loss of £37.3m in 2014 amid a major overhaul of the controversial company. The lender, which made a pre-tax profit of £39.7m in 2013, witnessed a hefty drop in lending to UK consumers. Wonga admitted it needed to address "the problems of the past" and is predicting another loss in 2015.

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Not BUSS4 but has lots of revision for BUSS2

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Not BUSS4 but has lots of revision for BUSS2

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BT shares rise to new high as a result

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US parcels delivery firm FedEx is to buy its Dutch rival TNT Express for €4.4bn ($4.8bn; £3.2bn) as it looks to expand its European operations.

In a joint statement, the companies said both management boards had reached a "conditional agreement".

FedEx has offered shareholders €8 per share, a 33% premium on TNT's closing share price on 2 April.

It comes two years after United Parcel Service (UPS) pulled out of a €5.2bn bid for the Dutch firm.

UPS pulled out of the deal following opposition from EU competition authorities, saying it saw "no realistic prospect" of approval for its bid from the European Commission.

Since then TNT has undertaken a restructuring programme, cutting costs, selling operations and investing heavily in its road network to hold on to customers in what has been a weak European market for business package deliveries.

FedEx and TNT Express expect the deal to be completed in the first half of next year and say they are confident any European competition concerns can be overcome this time.

The European regional headquarters of the combined companies will remain in the Netherlands, while FedEx has promised to maintain the TNT Express brand "for an appropriate period".

Tex Gunning, chief executive of TNT Express, said: "This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy.

"But while we did not solicit an acquisition, we truly believe that FedEx's proposal, both from a financial and a non-financial view, is good news for all stakeholders."

However, the terms of the takeover allow for a competitor to make an offer within the next eight weeks and for the current deal to be terminated if that offer exceeds the existing proposal by 8%.

TNT warned in February that it expected adverse trading conditions to continue in its main western European markets this year, as it reported a €196m annual loss on revenues which fell 3.2% to €6.6bn.

Significant rival

On a conference call for analysts, Fedex chief financial officer Alan Graf said he did not expect "significant" redundancies following the purchase of TNT.

Mr Graf said Fedex would invest "aggressively" in integrating the two firms and added that Fedex was "very confident" of winning regulatory approval.

Steven Gibson of SLG Economics told BBC World News that if Fedex successfully bought TNT, it would create a European rival to UPS and DHL, which have a "bit of a duopoly".

Mr Gibson said the combined company of Fedex and TNT would have about 17-18% of the market.

"That is below the threshold of about 30% that European regulators would normally use. However, there will be a pressure on TNT to sell off some of its airline operations," he added.

Fedex shares were 3.7% higher to $172.82 in early trade on the New York Stock Exchange, while TNT shares were up about 30% in Europe.

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US parcels delivery firm FedEx is to buy its Dutch rival TNT Express for €4.4bn ($4.8bn; £3.2bn) as it looks to expand its European operations. In a joint statement, the companies said both management boards had reached a "conditional agreement". FedEx has offered shareholders €8 per share, a 33% premium on TNT's closing share price on 2 April.

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Harmful at worst, ineffective at best. Management professor and BBC Capital columnist Sydney Finkelstein's annual list of the top five terrible chiefs.

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Car maker Honda is to invest £200m in its UK plant - a year after it cut hundreds of jobs due to falling sales.

The Japanese firm said its factory in Swindon, Wiltshire, will become the "global hub" for its new five-door Civic model.

It employs about 2,500 workers at the plant, which first produced the Civic more than 20 years ago.

Honda Motor Europe president Toshiaki Mikoshiba said the move showed Swindon's "strategic importance".

The firm has invested £2.2bn in its UK plant, but cut about 450 jobs at the South Marston site last year.

Production of new cars at the site fell by 14% between 2013 and 2014.

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Car maker Honda is to invest £200m in its UK plant - a year after it cut hundreds of jobs due to falling sales. The Japanese firm said its factory in Swindon, Wiltshire, will become the "global hub" for its new five-door Civic model.

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German sportswear firm Adidas has outlined a turnaround plan that includes making some of its goods in Europe rather than Asia.

The company's chief executive, Herbert Hainer, said: "We will bring production back to where the main markets are."

Adidas hopes the changes will help it to make new products available more quickly, as well as increasing net income by 15% a year by 2020.

The firm is keen to stop rival Nike eating into its market share.

It said it was testing automated production units that would speed up manufacturing and allow customers to personalise their purchases.

However, the plan failed to make a huge impression on investors. Adidas shares traded slightly higher in Frankfurt.

City focus

As part of the strategic business plan, called Creating the New, the company will invest in talent and marketing in Los Angeles, New York, London, Paris, Shanghai and Tokyo.

The company's executive board member in charge of global sales, Roland Auschel, said: "Global brands are created in global cities. If we win running in New York and Los Angeles, we will win running in the US."

One marketing expert called the shift to strategic cities a sensible move. "Those areas are important because they are opinion leaders," said Vince Mitchell, professor of marketing at Cass Business School.

Mr Mitchell added that swift production speed was the secret to the success of such High Street retailers as Zara.

Adidas is trying to gain market share and rebound from a previous business plan that did not achieve its goals.

In a blog on the company's website, Mr Hainer wrote: "We had to accept in late 2014 that we'd not met all our financial ambitions which we'd set ourselves in the light of the strategic business plan Route 2015 five years ago."

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German sportswear firm Adidas has outlined a turnaround plan that includes making some of its goods in Europe rather than Asia. The company's chief executive, Herbert Hainer, said: "We will bring production back to where the main markets are."

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Strategic decisions and how they can work

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Strategic decisions and how they can work

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The UK's economy grew at a faster pace than initially estimated last year, revised official figures show.

The economy grew by 0.6% in the final three months of 2014, up from the previous estimate of 0.5%, the Office for National Statistics said.

The unexpected increase meant growth for the year was 2.8%, higher than the earlier estimate of 2.6%.

The revised rate marks the highest pace of annual growth since 2006, when the economy grew by 3%.

An expansion in both production and services as well as household spending helped to drive the increase, the official data suggested.

But the biggest contribution to the revised figure was a strong performance of exports, the ONS said.

'Vulnerable'

The revised figure was revealed alongside data showing that the UK's current account deficit - the gap between the income paid to, and received from, the rest of the world - narrowed in the final quarter of last year.

The deficit in the three months to December was £25.3bn, down from the record-high of £27.7bn recorded in the previous quarter.

But for the year as a whole, the deficit widened to 5.5% of GDP, marking the largest annual deficit since records began in 1948.

UBS economist David Tinsley said the large deficit largely reflected weakness in UK overseas earnings "which may turn around if the eurozone recovery heats up".

"Still, regardless of the cause, funding a deficit of this size makes the UK vulnerable in a year when political uncertainty is relatively high," he added.

'Touch pessimistic'

Separately, UK consumer confidence rose to its highest level in more than 12 years in March, a survey from researchers GfK showed.

And separate figures from the ONS showed that the financial well-being of UK households improved last year.

Overall, economists suggested the figures boded well for the UK economy this year.

Analysis: Robert Peston, BBC economics editor

The UK's economic performance, in the round and as it touches people, is definitely improving - and looks good compared with competitor nations, especially those across the Channel.

GDP or national income per capita is 4.8% above where it was at the election - although it is still 1.2% below its peak at the start of 2008, before the Great Recession and financial crisis.

And if we measure our well-being by how much we spend, then things are definitely better - since household consumption per head is 3% higher than it was in the middle of 2010.

That said, many would argue that our recovery remains unbalanced and far too dependent on consumer spending: that we are experiencing "same-as-it-ever-was" growth, of the boom-and-bust variety.
Read Robert's blog in full
"Given the outlook for consumer spending, the Office for Budgetary Responsibility's forecast of 2.5% for 2015 looks a touch pessimistic, and could come under some upward pressure in the coming months," said Ben Brettell, senior economist at Hargreaves Lansdown.

Martin Beck, senior economic advisor to the Ernst & Young economic forecaster ITEM Club, said he remained confident about its prediction that GDP would expand by close to 3% in 2015.

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The UK's economy grew at a faster pace than initially estimated last year, revised official figures show. The economy grew by 0.6% in the final three months of 2014, up from the previous estimate of 0.5%, the Office for National Statistics said.

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#retrenchement

#strategicdecisions

#leadership

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Kingfisher, the owner of DIY chains B&Q and Screwfix, is to close about 60 B&Q stores in the UK and Ireland over the next two years.

But it plans to open 60 new outlets under its Screwfix brand this year.

"Kingfisher has said for some time that B&Q UK & Ireland can adequately meet local customer needs from fewer stores and that some of the stores should be smaller," it said in a statement.

Kingfisher also announced a 15.2% fall in pre-tax profit to £644m for 2014.

And in a separate announcement, it said that Kevin O'Byrne, chief executive for B&Q UK & Ireland, would leave the firm on 15 May 2015 "allowing a smooth handover of his responsibilities" with further details to be announced "in due course".

The store closures, which will result in a £350m one-off cost, mark Veronique Laury's first major move as chief executive. The former Castorama boss took over from Sir Ian Cheshire as chief executive last September.

The firm, which currently has 360 B&Q stores, has so far confirmed the locations of six store closures: Southampton, Dundee, Baums Lane in Mansfield, Station Road in Stechford in Birmingham, Hyde in Greater Manchester, and Barnsley.

But it said the impact on jobs from the B&Q store closure plan is expected to broadly neutral due to the planned Screwfix openings, which will create 900 new jobs, and plans to redeploy staff to other parts of the business.

'Sharp decisions'

Ms Laury said it was "clear" the firm needed to organise itself "very differently to unlock our potential", and described the move as part of a set of "first sharp decisions" she was taking.

She said the group could achieve "significant benefits" from unifying the group, noting that "customers needs are already largely the same" with the markets it serves "fundamentally more similar than different".

B&Q said top executives' roles would now be more focused on the entire company, it would cut the number of products it sold, as well as unify its IT platform across the group.

Other plans include making the most of its vacant store space and it said it was in discussions with several retailers about sub-letting opportunities.

"We are getting on with this at real pace," it added.

The announcement comes a day after the group, which also owns Castorama and Brico Depot in France, walked away from its planned €275m purchase of French DIY chain Mr Bricolage after one of the latter's shareholders opposed the deal.

The firm's performance in France continued to be weak, with sales down 6.6% for the year, which it blamed on "an ongoing soft market", driven by weak consumer confidence and a declining housing and construction market.

But in the UK and Ireland, sales rose 5.4%, which it said reflected a stronger UK economy and more buoyant housing construction.

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Kingfisher, the owner of DIY chains B&Q and Screwfix, is to close about 60 B&Q stores in the UK and Ireland over the next two years. But it plans to open 60 new outlets under its Screwfix brand this year.

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British manufacturing has been boosted by the invention of a new piece to help mass produce lightbulbs in the UK

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Top Corporate Mergers: The Good, The Bad & The Ugly | Rasmussen College

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As someone with an interest in business, it's important to have a grasp of what makes these mergers and acquisitions successful and what causes them

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Manufacturers are bringing production back to Britain at an increasing rate, attracted by the UK's technical edge and a diminishing cost advantage in countries including China.

One in six companies "re-shored" manufacturing in the last three years according to trade body EEF, compared with one in seven in 2009.

Production was most commonly brought back from China, followed by countries in Eastern Europe.

Terry Scuoler, EEF's chief executive, said the trend was gradual, with five in six companies choosing to keep their operations overseas, but that it was encouraging.

He said: "While it will always be two-way traffic, the need to be closer to customers, to have ever greater control of quality, and the continued erosion of low labour costs in some competitor countries means that in many cases it makes increasingly sound business sense."

The survey, co-produced with law firm Squire Sanders, found that 6% of companies planned to bring production to Britain in the next three years. The main reason given for moving production back was to improve the quality of products and components, with other factors including certainty, speed of delivery, and cost.

Lee Hopley, EEF's chief economist, said that while the difference in wages paid in the UK and China is still enormous the gap is closing and overall the cost advantage of basing manufacturing operations in China has been eroded, when elements including transport and logistics are included.

For around 40% of companies that had re-shored production, turnover increased as a direct result, with 3% reporting a fall. Around 60% reported a moderate rise in profits and employment.

Hopley said there were still some major areas of concern limiting re-shoring, including the high cost of energy faced by UK based manufacturers and a perceived shortage of skilled workers.

The business secretary, Vince Cable, is expected to say on Tuesday that the government will do more to "rebuild British manufacturing prowess, which we will exploit to bring more work to these shores".

At EEF's national manufacturing conference in London, Cable is expected to say: "Britain winning back business on the basis of quality and good performance is a good characterisation of the sort of industrial strategy that I have been promoting. We are now seeing a number of encouraging signs of production returning to the UK.".

He will also announce the latest winners of the government's advanced manufacturing supply chain initiative - a £245m fund to help companies strengthen their UK supply chain, creating and safeguarding thousands of British jobs.
Topics

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Production returning to UK as cost advantage in China diminishes

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Manufacturers are bringing production back to Britain at an increasing rate, attracted by the UK's technical edge and a diminishing cost advantage in countries including China. One in six companies "re-shored" manufacturing in the last three years according to trade body EEF, compared with one in seven in 2009.

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overview on the 5 bullets

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http://www.theguardian.com/business/2014/mar/03/production-returning-uk-manufacturers-china

china no longer having a much cheaper cost

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George Osborne has delivered his sixth Budget as chancellor, and the last of the current Parliament. Here is a summary of the key announcements in his statement.
The state of the economy
UK grew 2.6% in 2014, faster than any other advanced economy but lower than 3% predicted in December

2.5% growth forecast in 2015, up from 2.4% predicted in December, followed by 2.3%, 2.3%, 2.3% and 2.4% in the next four years

Record employment in the UK, with jobless rate to fall to 5.3% this year

Trade deficit figures "the best for 15 years"

Living standards "higher" than in May 2010, according to OBR data, with households better off by an average of £900 in last five years

Inflation projected to fall to 0.2% in 2015
Public borrowing/deficit/spending
Deficit halved since 2010 as a share of national income

Borrowing set to fall from £97.5bn in 2013-14 to £90.2bn in 2014-15, £75.3bn in 2015-6, £39.4bn in 2016-7, £12.8bn in 2017-8 before reaching a £5.2bn surplus in 2018-9

Debt as a share of GDP to fall from 80.4% in 2014 to 80.2% in 2015-16 before falling in every year, reaching 71.6% in 2019-20

Additional £30bn savings needed in next Parliament

Public spending squeeze to end a year earlier than planned in 2019-2020, with spending from then to grow in line with total economic growth

Welfare bills set to be an average of £3bn lower each year than predicted in December, and interest charges on government gilts £35bn lower

Sale of £13bn Northern Rock and Bradford & Bingley mortgage assets
Pensions
The lifetime allowance for pension savings that can be accumulated free of tax will be cut from £1.25m to £1m from April 2016, saving £600m annually

Pensioners will be able to trade in their annuities for cash pots, with the 55% tax charge abolished and tax applied at the marginal rate

Widows of police officers and firefighters who choose to marry again will have their existing pensions protected
Alcohol, tobacco and gambling and fuel
Beer duty cut by 1p a pint and cider by 2p. 2% cut in excise duty on scotch whisky and other spirits while wine duty frozen

No changes to tobacco and gambling taxes, with tobacco duties set to rise by 2% above inflation, equivalent to 16p on a packet of 20 cigarettes.

New "horse racing betting right" to replace the 50-year old horserace betting levy on British bookmakers

Petrol duty frozen - September's planned increase cancelled
Personal taxation
The tax-free personal allowance to rise from £10,600 in 2015-6 to £10,800 in 2016-7 and £11,000 in 2017-8

The threshold at which people start paying 40p income tax to rise by above inflation from £42,385 in 2014-5 to £43,300 in 2017-8

Annual paper tax returns to be abolished, replaced by digital accounts.

Transferable tax allowance for married couples to rise to £1,100

Class two national insurance contributions for self-employed to be abolished in next Parliament

Review of inheritance tax avoidance through "deeds of variation"
Savings
New personal savings allowance - first £1,000 interest on savings income to be tax-free for basic rate taxpayers and £500 allowance for 40p tax ratepayers.

Annual savings limit for ISAs increased to £15,240

"Fully flexible" ISA will allow savers to withdraw money and put it back later in the year without losing any of their tax-free allowance

New "Help to Buy" ISA for first-time buyers will allow government to top up by £50 every £200 saved for a deposit
Armed forces
A further £75m from Libor fines to go to charities for regiments which fought in Afghanistan and government to contribute towards permanent memorial to those who died in Afghanistan and Iraq and help renovate Battle of Britain memorials

£25m to support army veterans, including nuclear test veterans
Business
Tax on "diverted profits" to come into effect next month, aimed at multinational firms moving profits "artificially offshore"

Annual bank levy to rise to 0.21%, raising an extra £900m. Banks to be barred from deducting compensation for mis-selling from corporation tax

Supplementary charge on North Sea oil producers to be cut from 30% to 20% while petroleum revenue tax to fall from 50% to 35%. New tax allowance to encourage investment in North Sea

Review of business rates

Automatic gift aid limit for charities to be extended to £8,000

Farmers allowed to average incomes for tax purposes over five years

New tax credit for orchestras and consultation on tax relief for local newspapers
Health and education
Consultation on proposal to offer loans of up to £25,000 for UK students studying for PhDs and research-based master's degrees.

Mental health services to get £1.25bn in extra funding
Housing/infrastructure/transport/regions
£15m church repair roof fund to be trebled

Up to £600m to clear new spectrum bands for auction to improve mobile networks: commitment to deliver ultra-fast broadband to all homes

New powers for Mayor of London over skills and planning
Greater Manchester councils to be allowed to keep 100% of growth in business rates
New inter-city rail franchise for south west of England
Toll for Severn river crossings to be reduced from 2018 Consultation on £1bn "tidal lagoon" in Swansea Bay to generate green energy

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George Osborne has delivered his sixth Budget as chancellor, and the last of the current Parliament. Here is a summary of the key announcements in his statement.

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China's richest man has said that he considers the UK the best place in the world to invest.

Wang Jianlin, chair of China's largest property company, Dalian Wanda, said the UK had one of the most open markets and that investment was not subject to the same scrutiny as elsewhere.

Mr Wang told the BBC he was looking to invest $1bn (£667m) in the UK entertainment industry.

He is also considering buying an English or Italian football club.

"I've travelled to many countries to consider them for investment, and most admire Britain's market," he said.

"Britain has one of the highest degrees of free market openness, no investment needs to be scrutinised, it's entirely up to you."

He said that he likes the US as well but the Committee on Foreign Investment in the US scrutinises investment and can block it.

He added that China needs to reform its own market.

Mr Wang is estimated to be worth $24.2bn and recently reclaimed the title of China's richest man, overtaking Jack Ma, the boss of e-commerce giant Alibaba, according to Forbes.

Global portfolio

Mr Wang has already made some eye-catching investments around the world. He purchased Sunseeker, the British yacht maker for the James Bond films; AMC cinemas in the US; and the Swiss company InFront, which holds TV rights for the Fifa World Cup.

He revealed that he has been discussing an investment with London for the past year. It didn't come to fruition but he is still seeking to invest $1bn in the UK.

In a wide-ranging interview, Mr Wang said that he been approached by several English football clubs but the key factor when it came to buying one was the price. He has already acquired a 20% stake in Spanish club Atletico Madrid.

When asked if he was concerned about the possibility of the UK leaving the EU after a potential upcoming referendum, he said that he wasn't.

"I don't think it is a big problem for me whether the UK is in the EU or not. It is a problem between the UK and Europe. The UK is relatively independent in the EU at present. It does not use the euro."

China needs reform

When it comes to his home market, Mr Wang believes that China will open up more over time. He points out that because of the dominance of state-owned firms, the market isn't open enough for private Chinese, as well as for foreign firms, and needs reform.

Six Routes to...

Listen to more about China's economy on Saturday, 14 March at 08:30 GMT on the BBC World Service.

Six Routes to A Richer World, a co-production with US radio's Marketplace, visits six important places in the new global economy.
A Richer World 2015 Listen to the reports and documentaries
"I think China's market should be more open. Maybe China is not as open as the UK or USA at present. It is probably because we are relatively backward in some respects," he said.

Mr Wang also expects China to undertake the privatisation of land. He sees it as the only way to resolve the debt problems confronting local governments.

He says that they owe 20 trillion yuan (£2.1tn; $3.2tn) of debt and do not generate enough revenue to pay it down, so he sees the only solution as allowing land to be privately sold.

When asked if he was certain that the central government would go for this radical move, since land in China is essentially state-owned, he said that he was convinced that it would happen.

If so, that would be a big step in the opening up of China's market and would certainly benefit property developers who can currently only own leaseholds and jointly develop projects on land owned by local governments.
For more, listen to Six Routes to Riches on Saturday, 14 March on BBC World Service and Marketplace in the US, or watch Talking Business with Linda Yueh.

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China's richest man has said that he considers the UK the best place in the world to invest. Wang Jianlin, chair of China's largest property company, Dalian Wanda, said the UK had one of the most open markets and that investment was not subject to the same scrutiny as elsewhere.

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Research Bullet 3: Govt manufacturing policy

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Research Bullet 3: Govt manufacturing policy

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Research bullet 5: Opportunities and Threats

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Research bullet 5: Opportunities and Threats

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https://www.google.com/maps/d/viewer?mid=zy3NKbdtZs9k.kubKvQGdJBio

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http://www.themanufacturer.com/articles/dont-reshore-rightshore/

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While shifting global economic conditions have made reshoring production back to the UK more attractive for some businesses, it's not necessarily right for all. Companies should consider their options carefully and ensure that any changes they make to their operational structure will continue to meet the needs of the marketplace, notes supply chain specialist.

A recently report on reshoring by Ernst & Young, Time to seize the opportunity highlights, a 'once-in-a-generation' chance to add billions to UK GDP and rebalance the national economy.

The study considers the period up until 2025 and estimates that the aerospace, defence and automotive industries could see the biggest benefit from the current reshoring trend.

However, I think there are likely to be pros and cons associated with reshoring production back to the UK, and it's not a decision to be taken lightly.

When reviewing a company's operational footprint, a number of factors should be considered before taking a decision about where to make efficiencies or drive value.

In today's fast-moving markets, proximity to customers can be a significant advantage. Locating your factory close to your key marketplace will allow the business to work to shorter lead times, which tends to require less stock.

This is important because with interest rates in the UK expected to rise this year or the next, keeping stock in the domestic supply chain could soon carry more cost.

Deciding where to locate your production facility also requires a bit of foresight and an understanding of how your product portfolio is likely to evolve in the future.

If you are planning to invest in new product development, it's a good idea to keep both your own and your suppliers' R&D teams close at hand so they can inform the process and bring next generation products to market quicker than before.

Future technologies should also be considered, particularly if there is likely to be a move to additive manufacturing, which could allow an operational structure that is more geographically-spread, comprising a number of smaller factories rather than a single, larger facility.

Businesses should also take care to ensure that local emotion is removed from the decision-making process as clearly some changes could result in job losses.

Ideally, a production facility should also be located close to a highly-competent, expert supply chain. This will also ensure a shorter supply chain, giving the business greater control over quality and a reliable supply source.

Any move to lengthen the supply chain on the other hand could increase risk and impact on quality.

Of course, some shoring decisions will be easier to reach than others. For example, if the business relies on the supply of electronic components, reshoring a production facility from Taiwan or Asia back to the UK is unlikely to bring efficiencies.

Conversely, if a production facility relies on supplies of automotive or aerospace components, the UK may be exactly the right place to locate, due to its established supply chains and access to skilled labour.

Costs are an important consideration too. Of course, wages need to be considered and while the difference in the costs that apply in the UK and Asia has closed significantly in recent times, labour can still be bought much more cheaply in some parts of the world.

Businesses that use more energy may also find that locating production facilities in the US can drive value because access to shale gas is helping to keep energy prices low.

Despite the variety of factors that should be taken into account when deciding where to locate, the reshoring trend seems to be taking hold.

Earlier this year, PwC published a report estimating that it could generate 200,000 jobs in the UK over the next 10 years.A recent report by EEF also found that one in six companies have reshored production back to the UK in the past three years.

Find out more about Vendigital by clicking here.

Instead of rushing to reshore operations, businesses should be assessing their supply chain globally and basing any restructuring decisions on sound strategic considerations.

Instead of 'reshoring', 'rightshoring' is always going to be the best way to secure a more successful and profitable future.

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While shifting global economic conditions have made reshoring production back to the UK more attractive for some businesses, it's not necessarily right for all. Companies should consider their options carefully and ensure that any changes they make to their operational structure will continue to meet the needs of the marketplace, notes supply chain specialist.

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5 areas to discuss in Manufacturing in Britain

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5 areas to discuss in Manufacturing in Britain

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Manufacturing sector | Business | The Guardian

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Steph

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lack of exporting....

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The UK's trade deficit widened last year to £34.8bn, the biggest gap since 2010 according to the Office for National Statistics (ONS).

It said a fall in exports was largely to blame for the rising trade deficit. The value of exported goods fell by £14.6bn compared to the previous year.

Imports of goods fell for the first time since 2009, down by £7.3bn.

For December the deficit widened to £2.9bn from £1.8bn in November, which was more than economists expected.

Oil impact

December was a very unusual month as oil imports surged by 37%. Economists say that firms are stockpiling oil because the price has fallen so sharply.

So despite a fall in the price of oil, the actual value of oil brought into the UK jumped by more than 20% and contributed to a widening trade deficit in December.

Economists say, however, that if you strip out the effects of oil, the outlook for the trade situation is still not great.

"Whilst December's trade data are not as bad as they first appear, the strong pound and weak demand from the eurozone are likely to prevent a material improvement in the external position in 2015," said Paul Hollingsworth, UK Economist at Capital Economics.

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The UK's trade deficit widened last year to £34.8bn, the biggest gap since 2010 according to the Office for National Statistics (ONS). It said a fall in exports was largely to blame for the rising trade deficit. The value of exported goods fell by £14.6bn compared to the previous year.

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Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the ninth largest manufacturing nation in the world.

Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

The ONS attributes the sustained growth to a better quality; more skilled workforce; a shift in production from low to high productivity goods; improvements in automation and technology; increased investment in R&D, and a more integrated global economy.
According to Make UK (formerly EEF), UK manufacturing currently:
Upcoming UK events from The Manufacturer:

Our series of uniquely interactive one-day conferences allow you to choose which conversations to join and which speakers to sit alongside, ensuring you get the answers to the questions you and your business are asking.

Although the contribution of manufacturing to GDP has declined on paper, many of the services provided to manufacturers which would have once been considered part of manufacturing - such as catering; cleaning; building services; security; logistics and so on - are now allocated into different areas of the economy.

However, those contributions are directly reliant on manufacturing for continued business and could actually be considered as a part of manufacturing's GDP input. As such, many are calling for the true value of manufacturing to be recognised, a move which would see the widely cited figure of 10% of GVA more than doubling to 23%.

Key findings from the Annual Manufacturing Report 2019 :

Every year Hennik Research publishes the Annual Manufacturing Report. Below are the key findings from the 2019 report (released in February 2019).

The Annual Manufacturing Report 2019 reflects a surprisingly resilient mood among UK manufacturers; surprising that is to those who haven't been paying attention.

81% say they are ready to invest in new digital technologies to boost productivity.

71% of UK manufacturers say Brexit is damaging strategic-planning and business prospects

64% say Brexit will cause chaos for the manufacturing sector

55% say the government could do more to promote exports

57% say the education system is a disaster for industry and needs a total overhaul

66% say the British people do not understand the importance of manufacturing to the economy

The Annual Manufacturing Report 2019 has five sections: Government Policy & Industrial Strategy; Financing Investment; Skills & Training; Growth & Exports, and Smart Factory.

SMART FACTORY: Huge potential, but clear strategy and strong leadership required

The sponsor of the Smart Factory section of the report, which measured attitudes to the potential of digital technologies, is PwC. Their Industrial Manufacturing & Automotive Leader Cara Haffey says it is not just Brexit uncertainty that is causing many manufacturers to hesitate over investing in technologies that could transform their businesses.

"Aside from the obvious issue of investment, what's holding companies back from digital investment?" she says. "The main blockers appear to be a lack of coherent digital strategies and the inability for organisations to understand what practical applications some of these technologies offer within their organisation. Indeed, the Made Smarter Review, 2017, cites an inability to understand what 'good' looks like as one reason for low adoption rates among UK businesses."

GOVERNMENT POLICY & INDUSTRIAL STRATEGY: Faith in government policy is weak but sector resilience solid

A heavy majority of manufacturers say their strategic planning is being put at risk, and many believe manufacturing will be plunged into chaos by Brexit. Of course, we cannot know what will happen post-March 29, which is precisely the problem: no-one knows.

The Manufacturer's Nick Peters says, "Perhaps the statistic we should take most comfort from is the overwhelming belief among manufacturers - 77% of them - that we have the drive to succeed as a nation. That self-belief should serve us well - it must serve us well - in the year ahead."

SKILLS & TRAINING: Manufacturing employers are hungry for skilled engineers, but a lack of them is causing indigestion

The sector faces a further crisis in the form of a looming skills gap, with older members of the workforce retiring and an insufficient number of properly trained young people emerging from the education system.

The situation is so bad that companies are now establishing their own training schemes and academies.

The sponsor of the Skills & Training section is Autodesk. Asif Moghal, Senior Industry Manager, Manufacturing Business Strategy & Marketing at Autodesk says, "How much more evidence must there be before it is accepted the current approach to our national skills issue is not working? The fact that industry is developing its own home-grown solutions is saddening but simultaneously motivating, because it could be the basis of a bold new way forward."

GROWTH & EXPORTS: Growth is not a nice-to-have, but a business basic

When it comes to business growth, particularly through exports, manufacturers still believe there is potential for growth overseas and a strong majority, 77%, say UK manufacturing has the drive to make a success of it.

The sponsor of the Growth & Exports section is digital solutions provider Epicor Software whose regional vice president, UK and Ireland, Mark Hughes says the future of manufacturing lies in the right people working with the right systems. He also believes Brexit offers an opportunity long term.

"The performance of the British manufacturing sector is on an upward trend. The ongoing digitisation of the sector has a key role to play in this growth as manufacturers are realising the potential of Industry 4.0. Brexit actually has the potential to bring significant opportunities to British manufacturing. It used to be more cost-effective to outsource various elements of the manufacturing process off-shore. Current and future technological advances mean that now more than ever before, on-shore is a truly viable option and "Made in Britain" will be key to helping Britain stay on top."

FINANCING INVESTMENT: Investing in uncertainty in an age of doubt

The Annual Manufacturing Report makes it clear there is still a hangover from the crash of 2008, with manufacturers reluctant to seek bank funding for investment. A majority, 64%, say they prefer to finance investment from their own resources rather than borrowing.

The section on Financing Investment is sponsored by the business intelligence solutions company Board International. Their Manufacturing Lead Alan Bagnall says, "As always, the Manufacturer's Annual Report provides valuable insights for the manufacturing sector. With uncertainty being the only certainty right now, it is clear that innovation and technology that enables timely strategic decision-making is vital."

Dive deeper into each section's findings and our analysis of them by downloading the full report.

British Aerospace at a glance

128,000+ direct jobs // 140,000 indirect jobs

£31bn annual turnover

30% productivity growth in the past five years

39% growth since 2010

18% global market share - largest in Europe and second globally to the US

90% of turnover to export markets - worth £26bn

Almost a decade's worth of work in hand, with an order book of more than 13,000 aircraft worth up to £195bn to the UK

(Information courtesy of www.adsgroup.org.uk)

British Automotive at a glance

169,000+ direct jobs // 78,000 employed across UK supply chain

25,000 new jobs to be created to cover the production of connected and autonomous vehicles

2,000+ automotive suppliers in the UK - including 18 of world's top 20

£71.6bn annual turnover

80% of a vehicle can be manufactured in the UK

Annually adds £12.4+bn to the UK economy

Annually producing £34.3bn of exports - accounting for 12% of the UK's total export goods

(Information courtesy of www.smmt.co.uk)

British Chemical & Pharmaceutical at a glance

(Information courtesy of www.cia.org.uk)

British Construction at a glance

(Information courtesy of www.cic.org.uk)

British Defence at a glance

142,000 direct employees // Almost the same number in indirect jobs

Employs 4,300+ apprentices and trainees

£24bn annual turnover

18% growth since 2010

The UK is the world's second biggest defence exporter behind the US, generating an average of £7,7bn for the UK every year

34% export growth between 2009 - 2013

9,000+ defence companies including SMEs exist in the UK

BAE Systems - the UK's largest defence company - currently employs 40,000 domestically

(Information courtesy of www.adsgroup.org.uk)

British Electronics at a glance

(Information courtesy of www.techuk.org)

British Energy at a glance

(Information courtesy of www.energy-uk.org.uk)

British Food & Drink at a glance

(Information courtesy of www.fdf.org.uk)

British Nuclear at a glance

(Information courtesy of www.niauk.org)

British Plastics at a glance

(Information courtesy of www.bpf.co.uk)

British Security at a glance

(Information courtesy of www.adsgroup.org.uk)

British Steel at a glance

30,000 direct jobs

54% of UK Steel workers work in Yorkshire and the Humber, or Wales

Annually adds £9.5bn to the UK economy

Exports worth £4.9bn in 2013

1m tonnes of output in 2014

The value of the industry has declined by almost a quarter (24%) since 1990

More waste steel is recovered in the UK and recycled than all other materials combined

Each tonne of scrap recycled by the industry saves 1.9 tonnes of iron ore and 0.6 tonnes of coal

(Information courtesy of www.eef.org.uk/uksteel)

British Space at a glance

34,000+ direct jobs // 72,000+ indirect jobs

£11bn annual turnover

Growing at more than 8% a year

Exports worth ££4bn to the UK

Achieved 27% growth since 2010

Largest application is broadcasting, followed by telecommunications

Services support disaster relief; telemedicine; navigation, and broadcasting

(Information courtesy of www.adsgroup.org.uk)

British Textile at a glance

(Information courtesy of www.fashionunited.co.uk)

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Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the ninth largest manufacturing nation in the world. Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

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More manufacturing info than you can handle!

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More manufacturing info than you can handle!

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Manufacturing in the EU

In contrast to the United Kingdom, the falls in productivity in Germany, France and Italy are concentrated in manufacturing.

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Manufacturing internationally

Alibaba is a Chinese wholesale e-commerce business which grew 52% in the first quarter, they could even afford to make a 10% loss on their profits to expand their mobile networking business. This shows how manufacturing has moved closer to the source of production.

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Ouput has rapidly slowed increasing at a considerably lower rate than before.

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Government is investing over £200 million to create an elite network of technology and innovation centers.