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Custom Fittings News & Blog

  • UK Factory Growth Remains Strong in May

    20 Jun 2017

    Britain’s manufacturing sector has continued to shrug off the effects of an impending Brexit by posting further significant growth for the month of May, building on the impressive growth found in April.

    At least, that’s according to Markit’s PMI for May, which found that UK factory growth was close to the three-year high witnessed in April. According to Markit, the UK manufacturing PMI sat at 56.7 in May. That’s down a little from the 57 seen in April, but it remains far above the 50 reading which indicates no change.

    The report also fins that output and new order growth remained solid for May, indicating that the UK’s manufacturing sector is still benefitting from the depressed value of sterling as we enter the summer months and Brexit negotiations. However, some economists have suggested this was to do with a global upturn, rather than anything to do with currencies.

    Optimism in the sector regarding the outlook for production levels in a years’ time rose to a 20-month high, as factory bosses indicated that a “solid increase” in new export business was expected.

    Employment in the nation’s factories also rose for their tenth consecutive month, hitting a 20-month high as the sector tacked on new workers to deal with expanding output.

    One of the major issues threatening manufacturers over recently months has been the increased cost of imports due to the weak pound and high cost of raw materials. These continued to remain elevated, but they eased slightly from recent highs, giving manufacturers some much needed breathing room.

    “The survey also provided positive signs that the upturn may be sustained, as growth of new orders remained solid, backlogs of work rose at the quickest pace in six years and business optimism improved to a 20-month high," said Rob Dobson, senior economist at IHS Markit.

    Chris Leyland, an analyst at investment firm True Potential said that factory bosses face some pressures still though, saying: “Today’s figure is above 50, meaning expansion is still happening, it’s just that the rate has slowed compared to last month. There are a number of reasons for that, mostly stemming from the weaker pound pushing up import cost for factories and therefore prices for the end consumer. It also means consumers have less disposable income, because their food and fuel bills have risen. The price of oil has also increased, leading to higher fuel costs for manufacturers.

    “The key will be exports, because the weaker pound means factories may receive more orders from abroad, which could offset some domestic pain.”

    For BSP pipe fitting manufacturers like ourselves, the picture remains mixed. Whilst a strong overall manufacturing sector is good for everyone, it masks some of the inequalities in growth around the sector, namely the strength of the pharmaceutical and automotive industries.

    Indeed, it’s only a matter of time before the high cost of materials is passed on to the consumer, boosting inflation and harming the wider economy. These are issues which have to be addressed by a new government, and we eagerly await to hear what plans are being put in place by the major parties.

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  • ONS Rain on Manufacturing Parade

    20 Jun 2017

    ONS Rain on Manufacturing Parade

    The British manufacturing industry has been on something of a high recently, according to respected industry analysts Markit. Over the last couple of months, we’ve covered their industry reports which have found strong growth in both April and May, along with increased employment in the sector.

    It’s been a cause for celebration across the industry, as Brexit fears seemed to be shrugged off thanks to the lower price of British produce.

    However, the Office for National Statistics have suggested that the manufacturing and construction sectors performed badly in April, a month in which Markit registered strong growth (a reading of 57, far above the 50 which indicates no growth).

    They say that manufacturing rose by just 0.2% in the month, as did industrial production, which missed economists’ forecasts. Meanwhile, construction output dropped by 1.6% and housebuilding took a tumble. Specifically, public residential construction fell 7.9% and private work dropped by 6.9%.

    Construction might not seem to have a direct link to manufacturing, but a great many British manufacturing companies rely on a strong construction industry for domestic orders, along with a great many other companies further down the supply chain.

    Liz Martins at HSBC was surprised by the finding, pointing to Markit’s PMI surveys, which has suggested April saw an improvement in momentum. “While we still think GDP growth will be stronger in the second quarter than the first quarter’s 0.2pc, these data suggest the improvement may not be as big as indicated”, she said.

    The trade deficit shrank in April, improving the outlook for GDP, but this was because weaker domestic demand reduced imports, rather than because of any meaningful improvements in exports, which stayed flat at £49.8 billion in April, whilst imports dipped to £51.9 billion. However, it’s unwise to pay attention to monthly trade deficits, as large orders can greatly sway a months reading.

    Howard Archer, chief economic advisor to the EY Item Club, said that the underlying trend remained positive, with exports generally improving. He said: “On a positive note, there are some underlying signs of exports benefiting from the weakened pound and decent global growth as export volumes of traded goods were up 2.1pc in the three months to April compared to the three months to January,”

    “There was some relatively good news on the inflation front for the Bank of England to digest ahead of next week’s June meeting of the Monetary Policy Committee. Import prices eased back 0.9pc month-on-month in April as sterling was modestly firmer although they were still up 7.7pc year-on-year.”

    Exports are going to be key for PTFE hose fittings suppliers like us going forward, as Brexit squeezes the manufacturing industry. Indeed, any potential levies placed on British trade within Europe could be devastating to the sector.

    Meanwhile, the Bank of England published a survey of inflation expectations and found that Britons are not expecting a serious rise in inflation, however, expectations for inflation have crept up slightly, predicted to his 3.3% in five years’ time, up from the 3.2% previously thought – another aspect which could affect UK manufacturing.

     

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  • UK Manufacturing ‘Buoyant’ Thanks to Global Economy

    08 Jun 2017

    Britain’s manufacturing industry remains on strong foot, within UK exports up as the domestic manufacturing industry continues to benefit from a weaker pound in a strengthening global economy, according to a new survey.

    The survey comes from the manufacturers’ organisation, the EEF. Their quarterly report into the current state of the British manufacturing is completed in conjunction with the accountancy firm BDO, and said that Brexit-related uncertainty was presenting “less of a drag than previously expected” on the economy.

    That’s excellent news for UK JIC fitting and SAE adapters like us, who have seen positive output and new order balances, along with large swathes of the UK’s manufacturing industry.

    They said "a combination of the weaker exchange rate and enduring healthy demand conditions should see exports continue on the up", which has put factory output on track for its fastest growth since 2014 – a fact held up by the Markit/CIPS reports from the last two months, which have found remarkable growth in the industry.

    Demand was especially “buoyant” in European markets, with 61% of firms saying they’d seen an increase, thanks to British goods becoming cheaper, due to the decreased value of sterling on the currency markets.

    The report also suggested that higher import prices may, in theory, encourage UK households to move towards domestically produced goods and services. However, this is based on the notion that British goods and services will become cheaper, somewhat ignoring the higher costs manufacturers are facing.

    As a result of the positive trends the EEF have found, they’ve revises up their forecasts for factory output for 2017 and 2018 to 1.3% and 0.5% - up from 1% and 0.1% respectively.

    Lee Hopley, chief economist at the EEF said: "Industry is reporting that output and orders have continued to head higher in recent months and the recovery in manufacturing globally is a big part of the story.

    "It's very encouraging that UK manufacturers have positioned themselves to capitalise on the windfall of a competitive pound and resurgent world economy."

    However, she stressed the need for a new industrial strategy that was “bold” and “set in stone”, by whichever party takes office next, warning that though the current situation in UK manufacturing is positive, the path ahead is a dangerous one, suggesting “it is not plain sailing from here”.

    In particular, Lee said that there’s likely to be a continued squeeze on household incomes and the possibility of “no deal” on Brexit (as touted by the Tories) could damage trade in a series way, whilst causing rising raw material costs, skills shortages and falling investment in key areas of UK manufacturing.

    "There is the continuing challenge of managing input cost increases, ensuring success in attracting and retaining the skills that are in increasing demand and driving up investment in the sector," she added.

    Continuing the pro-EU stance was Tom Lawton, a partner at BDO who added: "It is vital that we remain open for business and negotiate new trade agreements with the EU and other key markets so that international markets remain open and accessible as soon as Brexit is completed."

    It remains unclear which party will win a working majority at the general election called by Theresa May, although present indications suggest that the only thing which can stop a Conservative win would be a strong youth vote.

     

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  • UK Industrial Production Contracts More Than Expected

    18 May 2017

    Output in the UK’s construction and manufacturing sectors contracted more severely than expected in March, as the country’s trade deficit widened.

    The manufacturing sector had previously been a bright spot as a weaker currency has helped to make British products more competitive against their foreign counterparts, amid widespread concerns that a growth slowdown was underway in the UK economy.

    However, data from the Office for National Statistics (ONS) found that manufacturing fell 0.6% in March, alongside a fall in construction of 0.7%, amounting to a total fall in industrial output of 0.5% - a third straight month of decline.

    These figures fell well short of expectations, and point towards what amounts to a slowdown on momentum for the UKs economy, just as we begin our negotiations with Europe. Compounding matters, the UK’s total trade deficit in goods and services widened by £2.3 billion between February and March to £4.9 billion, contributing nearly half of the quarterly deficit.

    On a quarterly basis, however, industrial output climbed slightly by 0.1% and manufacturing growth slowed to 0.3%. Indeed, despite the negative news, the ONS are keeping their preliminary estimate that the economy grew 0.3% in the first quarter of 2017 in place.

    In the markets, the pound erased its early gains immediately after the disappointing data was revealed.

    Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "March's industrial production figures show that the pressure on consumers' real incomes from rising inflation is beginning to hurt manufacturers.

    "Industrial production has fallen for three consecutive months.

    "With households' real incomes set to come under further pressure from rising inflation, manufacturing output likely will grow only sluggishly ahead."

    The trade figures in particular make for sober reading, with the collapse in the value of the Brexit hit pound failing to provide a significant boost for exporters.

    "March's simply dreadful trade figures demonstrate that Britain is failing to capitalise on sterling's depreciation," Mr Tombs added.

    The industrial production figures were held down by a fall in housing repair and maintenance jobs, whilst the main downward impact on production came from electricity generation, due to warmer and drier weather.

    Oliver Kolodseike, senior economist at the Centre for Economics and Business Research, weighed in, saying: "Today's figures are worrying news for the sector.

    "With the consumer boom that has propelled the UK economy forward in recent years likely to end this year as rising inflation is predicted to outstrip earnings growth, manufacturing will be a key determinant of the UK economic performance.

    "With the sector expected to be a growth driver this year, today's release represents a concern for the overall economic outlook."

    Needless to say, for weld fitting specialists like us, this is bad news, and has been quickly politicised by parties opposed to the Conservative. In particular, Sir Vince Cable, former Liberal Democrat business secretary said that the figures are another sign of the “Brexit squeeze”, adding that: "Growth has slowed to a crawl, production output is turning downwards, and our economy has not been in a more worrying state since the aftermath of the 2008 financial crash.

    "Despite the Conservatives' claims that they are turning Britain into a global trading nation, the reality is that our exports to the EU are up, but down with the rest of the world.

     

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  • UK Inflation Rate Hits Highest Level Since September 2013

    18 May 2017

    Official inflation figures for the UK published today have found that inflation has hit its highest rate since September 2013, highlighting the increased costs manufacturers are facing.

    Inflation currently stands at 2.7%, up from 2.3% in March, and significantly above the Bank of England’s 2% target. The report suggest that the increased inflation was caused by higher air fares, increased clothing costs, vehicle excise duty and electricity costs.

    On the other hand, the falling costs of petrol and diesel have been credited with offsetting some of the inflationary pressure. It comes after last week’s warning from the Bank of England that the Consumer Prices Index (CPI) would peak at 3% for the year, thanks to the fall in sterling after the Brexit vote.

    On the subject of higher air travel, the Office for National Statistics (ONS) said that air travel went up by an astonishing 18.6% from the month before, thanks to Easter falling on the 16th of April rather than the 27th of March, as it was in 2016.

    The Retail Prices Index (RPI), which is a separate measure of inflation which includes things like council tax and mortgage interest payments, reached 3.5% last month, up from 3.1% in March.

    That’s bad news for consumers, and it seems like the trouble might not end soon. Though manufacturing companies have benefitted from higher orders from abroad (owing to a weak sterling), the costs of buying materials from abroad has risen accordingly. Early indications from manufacturers like jic & sae suppliers have been that though these costs are being kept in line, the prospect of a hard Brexit would mean increased costs for customers, driving inflation up further.

    Suren Thiru, head of economics at the British Chambers of Commerce, said: "Businesses continue to report that the substantial increases in the cost of raw materials and other overheads over the past year are still filtering through the supply chain, and are therefore likely to lift consumer prices higher in the coming months

    "However, it remains probable that the current period of above target inflation is transitory in nature, with little evidence that higher price growth is becoming entrenched in higher pay growth.

    "This should give the Bank of England sufficient scope to keep interest rates on hold for some time yet, despite their recent warning."

    Meanwhile, Chris Williamson, chief business economist at analysts IHS Markit, said: "The timing of Easter looks to have played an important role in pushing inflation higher in year-on-year terms.

    "But sterling's depreciation since the referendum last June is also clearly a significant factor, lifting prices for imports and likely to pile further upward pressure on consumer prices in coming months. There are nevertheless signs that inflation could perhaps rise less than many had been fearing.

    "Survey data are already showing companies' costs are rising at a slower rate than earlier in the year, and recent weeks have seen some easing in global commodity prices, notably oil."

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  • UK Aerospace Posts Strong First Quarter

    12 May 2017

    With a general election looming and the promise of a break from the European Union ringing in the ears of manufacturers across the country, it’s an understandably nervy time for industry. Should the UK leave the European Union without any concessions for trade, it’s expected that a levy will have to be placed on trade both in and out of the UK to the European Union.

    That, in turn, will lead to an increase in costs and inflation, hitting customers where it hurts. However, the immediate situation we’ve found ourselves in with Brexit is actually rather favourable. The fall in the value of the pound has meant that for countries around the world, the UK has become an appealing place to buy from.

    In certain sectors like manufacturing that’s meant a sharp uptick in orders and some of the strongest growth witnessed in years. This is partly because orders for many manufacturers aren’t booked far in advance, but that’s not the only reason. As manufactures of stainless steel PTFE fittings, we’ve witnessed first-hand the surge in orders from overseas, but we aren’t the only industry benefitting.

    Indeed, the UK aerospace industry – a particularly vital part of UK manufacturing and one at serious threat from Brexit – enjoyed the strongest first quarter since records began. The value of aircraft deliveries to the UK reached an unprecedented £6.5bn during Q1 2017, up a full billion since the same time last year, determined by a 10 percent rise in wide-body aircraft deliveries.

    Orders have also risen by 40 percent for the first quarter, compared to the same period last year, and delivery rates are 15 percent higher than they were five years ago. The total number of aircraft deliveries in the first three months of the year reached 307, ahead of Q1 2016 – a year which had set new records for aviation distribution.

    Paul Everitt, chief executive of ADS, the trade Organisation for companies in the UK aerospace, defence, security and space sectors, said: “Global demand is driving production rates higher and UK expertise is delivering essential components and technologies. Despite the uncertainties associated with the decision to leave the EU, aerospace innovation and productivity is helping to sustain the high value, long-term jobs our economy needs."

    New orders were also strong, with 242 orders for new aircraft in the quarter were added to the already strong backlog of orders, which now sits at its all-time third highest level, with nearly 13,500 aircraft remaining on the books, worth a potential £220bn to the UK manufacturing sector.

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  • Tata Secure Deal with Liberty House to Save 1,700 UK Steel Jobs

    10 May 2017

    A large part of 2016’s manufacturing industry chatter centred around Tata steel, the Indian steel giant with, at that time, a huge presence in the UK, encompassing plants in locations across the UK. Early last year, however, the company was seeking a way out of the European market (and the UK in particular), after reporting a net loss of 32.9 billion rupees for Q1 2016.

    That was bad news for the 11,000 employees of Tata’s UK operations, who were thrown into a state of uncertainty by the news that their jobs, largely specialist, were at significant risk. What would follow was a prolonged negotiation between Tata steel, the Government (which offered to take 25% of the business in order to save jobs) and a total of seven bidders.

    Those bidders included the commodities trading groups Liberty House and Greybull. The latter firm later agreed to acquire Tata’s Scunthorpe steelworks for a nominal fee of £1, plus all debts that the operation had accrued. However, it was the former group which made the biggest moves, taking large swathes of their business and saving jobs.

    Now, almost 10 months since the first Tata news stories broke, Tata Steel have completed the £100m sale of its speciality steels business to Liberty House, safeguarding 1,700 jobs and creating 300 more in the north of England.

    The deal will secure the future of sites in Rotherham, Stocksbridge and Brinsworth, as well as other sites in Bolton and Wednesbury. It also includes a pair of distribution centres in China. Liberty House have announced that they intend to invest up to £20m in the new plant and equipment over the next year in order to boost competitiveness in a post-Brexit landscape.

    Sanjeev Gupta, the head of Liberty House, said the deal represented “a big vote of confidence in the future of British industry”.

    He added: “With the right business model and an innovative approach, the UK steel and engineering sectors can recover and thrive. The government is now pursuing a new post-Brexit industrial strategy and steel must be at the heart of that strategy.

    “The speciality steels business is a global leader in its field, with a highly-skilled and well-motivated workforce and we are eager to invest so it can grow and achieve its full potential.”

    The extra 300 jobs will primarily take the form of production jobs in the Yorkshire plants, however, Liberty said that it had “bigger plans” across the wider business, too. That’s good news for the wider UK manufacturing, which will benefit from a strong steel industry, with local steel available for the production of stainless steel parts, like our adaptors.

    Roy Rickhuss, the general secretary of Community, the steelworkers’ trade union, welcomed the deal, saying: “The completion of the sale will bring some welcome certainty to a workforce that has faced a tough time over recent months and years. It demonstrates that with the right vision there are opportunities for the UK steel industry to grow.”

    Tony Brady, the national officer at the union Unite, said the deal brought to an end “months of agonising uncertainty” for workers. “This is a workforce which has done everything asked of them over the last few years to give speciality steelmaking a fighting chance in the UK. Liberty House’s commitments on jobs and new investment are a welcome recognition of the skills of a dedicated workforce.”

     

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  • UK Manufacturing Hits Three-Year High in April

    10 May 2017

    With all aspects of the UK’s economy under the microscope following the announcement that the UK would be sent to the polls once more for a general election, there’s no shortage of opinions flying around.

    Some suggest that the UK must make a clean break from Europe and seek to amass as many trade deals as possible in order to secure a long-term future for the manufacturing industry, whilst others suggest that attempting to maintain some kind of trading alliance with the EU is preferable. Those debates will inevitably rage on, but meanwhile, the UK’s manufacturing sector has posted the fastest growth witnessed for three years.

    Manufacturing output surged in April, according to the latest survey by Markit/CIPS, hitting 57.3, up from 54.2 seen in February. Any number above 50 signals growth. Those numbers are not only deeply impressive, they’re also unexpected – economists surveyed by Reuters had predicted that the reading would fall slightly to a flat 54.

    Instead, the PMI (purchasing managers index) hit a 3-year high, predicated on the back of stronger orders from North America, Europe, Africa and Brazil, boosted by a weak exchange rate and a stronger global economy making British goods like cars, pharmaceutical products and hose fittings.

    Pleasingly, there was also growth reported across employment and firms stocks of purchases – indicating a healthy industry that’s weathering the Brexit storm with relative grace.

    “The big question is whether this growth spurt can be maintained, especially given the backdrop of ongoing market volatility and a number of political headwinds such as elections at home and abroad,” said Rob Dobson, an economist at Markit, who produced the report.

    “Other surges seen since the middle of last year have generally proved short-lived, as weak wage growth sapped consumer spending. If this happens again it will inevitably constrain manufacturing, even as the investment and intermediate goods producing sectors continue to expand.”

    Other economists, like George Buckley of Nomura, have noted that these monthly shifts in the manufacturing PMI are typically reversed in the next month, and that’s it’s often unfair to judge an industry on a monthly performance alone. Nevertheless, Lee Hopley of the EEF manufacturers’ group is upbeat about the industry.

    “Against all expectations nine months ago, UK manufacturing appears to be in rude health, having navigated significant exchange rate swings and rising input costs, companies are capitalising on the upswing in the world economy and pressing ahead with some new investments,” she said.

    Though the UK maintains a high level of pride in our industrial past, today it is very much that – the past. Just 10% of the UK GDP comes from the manufacturing sector. The government have indicated that a strong manufacturing sector is crucial to our success out of the European Union, though little by way on concrete policy to improve the standing of manufacturing has come about since then.

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  • How has the Aviation Industry Reacted to the Snap General Election and Brexit?

    03 May 2017

    After flying in formation with the European Union for almost five decades, the UK has made the decision to leave the EU and chart their own journey forwards. It was a bold decision, but it’s meant that uncertainty has creeped into the UK aviation industry, worrying industry leaders and casting into doubt the long-term success of the industry.

    To make matters worse, prime minister Theresa May has performed a remarkable U-turn to announce that there will be a general election on the 8th of June, which could yet make cause even more headaches for the aviation industry.

    HM Treasury’s pre-referendum assessment of Brexit, which was lambasted by the Leave camp, warned that voting to leave the EU would cause “significant disputation” to the UK aviation sector, highlighting that “the inherently cross-border nature of the sector means UK-based businesses would need to comply with EU rules when flying to EU destinations”, which would mean either blanket adopting all EU aviation policy or implementing different regulations for the UK, which would likely lead to an increase in costs for airlines (and customers).

    The International Air Transport Association (IATA) and Tourism Economics suggest that a so-called ‘hard Brexit’, the UK passenger market would be around 6% smaller in 2035 than it had been in the case of a ‘soft Brexit’.

    For the part of the Conservative Government, they’ve been quick to shoot down notions of ‘hard’ or ‘soft’ Brexit, though it’s undeniable that they’ve taken a tough line with the EU, saying at one point that “no deal is better than a bad deal”.

    In accordance, the aviation industry has been making plans around this rather tough, Conservative led Brexit. However, this general election throws new questions in; who will win, and what will that mean for the aviation sector and Brexit?

    Though the Conservatives have a strong lead in the polls, it’s not inconceivable that the left-wing parties in Labour, the Liberal Democrats, the SNP and others could band together to create a government, should they gather enough seats to control a majority of the house.

    Regardless of the outcome though, it’s certain that we’ll be leaving the EU, and with it, Europe’s Open Skies programme. This will force the UK into bilateral agreement negotiations with the EU to allow flights to and from Europe, without any say in how these rules are drawn up or enforced. Ryanair’s chief marketing officer Kenny Jacobs says: “The best we can hope for is a new bilateral… however, we worry that Britain may not be able to negotiate such a bilateral in time for the release by airlines of summer 2019 schedules in mid-2018.”

    Airlines seem frustrated that this general election will cause yet more uncertainty and push back vital talks which should be happening now between aviation heads, the government and the European Union.

    “People will continue to want to fly across Europe after the UK leaves the EU,” says Tim Alderslade, chief executive of Airlines UK. “We look forward to the EU and UK reaching an agreement as soon as possible that allows consumers and businesses from all European countries to continue to travel to and from the UK and around Europe just as they do today.”

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  • UK To Continue to Succeed Despite Brexit, Report Suggests

    19 Apr 2017

    As the debate around what kind of terms the UK will leave Europe rumbles on and the Government call a snap general election announced to reassert their dominance in parliament, there’s good reason for the UK aerospace industry to be nervous about its future.

    Currently, the UK is the second largest aerospace manufacturer in the world, and the fourth largest exporter, sending parts around the globe (in particular the EU). That means that any changes which affect the aerospace industries ability to freely trade with the world could be devastating to their business, and force them to move abroad. It’s a suggestion which has been noted by the government, who recently moved to reassure the industry in a speech, but fears linger

    Now, research by the banking giant Santander and EEF has suggested that the sector will continue to thrive, despite those aforementioned risks.

    The UK supply chain is worth around £12 billion per year, with the largest percentage manufacturing high tech components like wings and engines. The MRO sector is also large, worth over £2.1 billion in 2014, according to the ONS. There’s also the great many smaller manufacturers, who supply aerospace testing parts and other vital equipment which keeps the UK’s aerospace and aviation industries ticking over.

    The survey suggests that increasing aircraft demand from emerging markets should help propel UK aerospace growth, though the report does highlight a myriad of risks to the sector like political pressure for Airbus to move jobs to the EU; regulatory de-harmonisation between the UK and EU; reduced access to skilled labour; and a price rise of row manufacturing inputs thanks to a weakened pound.

    Regardless, the authors of the report remain optimistic. Paul Brooks, head of business development and manufacturing at Santander Corporate & Commercial said: “The UK’s aerospace industry has thrived off the back of its competitive advantage in the production of high-value added technology-intensive products, and we forecast that this will continue given that the UK is hardwired into the global supply chain,”

    Meanwhile, George Nikolaidis, senior economist at EEF, added: “By staying at the forefront of cutting-edge technologies, aerospace manufacturers have managed to retain a high share of the global market despite fundamental changes in international value chains.”

    Both men have high praise for the UK’s technological prowess, but they are worried about the UK’s participation in the latest research going forward. Collaboration in these Europe-wide research programmes by businesses and universities yields faster results than working on your own.

    British aerospace companies currently receive £30m each year from RU research and development grants. That’s not a huge sum at all for aerospace companies which deal with huge numbers, it’s the access to the research programmes which is the real value proposition.

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