RECORD ORDERS AS DEFENCE BECOMES A PRIORITY
BAE Systems enjoyed a record year for new orders as governments in the west stepped up their defence spending in response to the war in Ukraine.
The defence giant’s order book totalled £37.1bn - taking its order backlog to £58.9bn. The group also reported revenue growth of more than four per cent for 2022, with sales rising from £21.3bn to £23.3bn. Underlying operating profits for 2022 came in at £2.5bn.
The company employs nearly 13,000 people in its air sector, including around 10,000 at its Warton and Samlesbury sites, which equates to around one in ten of all manufacturing jobs in Lancashire.
Highlights of the year included the MoD’s investment in Typhoon future capabilities, the delivery of the first eight of 24 Typhoons to Qatar, and a confirmed role in the Global Combat Air Programme.
Charles Woodburn, BAE Systems chief executive, said: “We’ve delivered another year of strong results across the group. Our employees have done an outstanding
Frankly speaking
TIME TO GO FOR GROWTH
by Frank McKenna Downtown Lancashire in Business
The chancellor will deliver his Budget this month against a backdrop of the country needing to pay back a mountain of debt, and his party demanding he cut taxes.
In a challenging economic climate and with a General Election looming, Jeremy Hunt has a job even Everton’s Sean Dyche wouldn’t envy.
What are his options? Despite his obvious challenges, Hunt should go for growth – but how can he do that without any money?
He needs to confirm HS2 and stop any further prevarication. The investment is for a 200-year project, the cost can be spread accordingly, and the scheme offers huge economic benefits to UK plc.
Hunt needs to find ways of encouraging investment into business again. R&D tax credits, relief on investments made into companies, and incentives for firms who are prepared to spend on upskilling staff all need to be beefed up.
He needs to offer local authorities incentives to relax their planning
criteria, motivate them to take on the NIMBY brigade, and build much needed housing. Procurement rules and regulations can be greatly improved. And he should abandon his plan to hike Corporation Tax to 26p, settling at a more manageable 22p instead – which I would wager will bring in at least as much in tax revenues, as bosses are less likely to look for ‘loopholes’.
He should also give a nod to a future VAT reduction in the hospitality sector, which has been battered in recent times. That may have to wait until the economy has improved, but it would offer light at the end of a dark tunnel.
The chancellor will, undoubtedly, hand new monies to the trailblazer devolution regions of Greater Manchester and the West Midlands. Other elected mayors will be awarded new funding too. Lancashire won’t get any of that of course – because we still haven’t got a combined authority!
Maybe by the time of the next Budget – or the next chancellor – that will have changed.
LANCASHIREBUSINESSVIEW.CO.UK
job to effectively manage supply chain and inflationary pressures whilst delivering critical capabilities and driving efficiencies for our customers.
We’ve delivered another year of
strong results across the group
“Our diverse geographic footprint, deep customer relationships and highly relevant, leading defence technologies mean we’re well positioned to support national security requirements in an elevated threat environment.
“Our record orders and financial performance give us confidence in delivering long-term growth and to continue investing in new technologies, facilities and thousands of highly skilled jobs, whilst increasing shareholder returns.”
Miranda Barker Chief executive
@elancschamber
chamberelancs.co.uk
FROM LANCASHIRE TO THE WORLD:
REDCAT AT THE UN Lancashire’s growing low carbon success is becoming a self-fulfilling prophecy.
As temperatures are rising so too is the profile of Lancashire as a hotbed for low carbon tech innovation. East Lancashire Chamber’s RedCAT initiative is both taking Lancashire green innovators to Europe to meet the UN, but also drawing in inward investments from firms keen to land their new manufacturing right here.
At the beginning of March the United Nations hosted their procurement seminar in Copenhagen, and Lancashire was there.
The RedCAT team and two of our low carbon Lancashire innovators, Lina Energy and River Power Pod, were there to meet with representatives of a wide range of UN key partners from UNICEF to the WHO, learning how to get our Lancashire products into the UN support programs, in one to one meetings with their procurement teams.
RedCAT – Lancashire’s Centre for Alternative Technologies - is there to support inventors and engineers to get their green innovations funded and fully commercialised, manufactured in the county and exported to the world.
The companies we have supported to grow their tech and new jobs across the county are now helping to promote the project and bring even more low carbon innovations and their manufacturing jobs home to roost. Word is spreading and we now have firms from Newcastle to Newquay asking how they can come and do the same.
Are you a low carbon innovator? Want to meet with the team from RedCAT? Or one of our partners supporting green innovations to grow and thrive locally like the AMRC or the team from Innovate? Come to the RedCAT centre at the chamber in Accrington, book out our boardroom to meet your potential suppliers locally, hotdesk or brainstorm how RedCAT can put its team of specialists and funding expertise behind your innovation.
To speak to the team about RedCAT fill in the contact for at
www.red-cat.uk
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