Rachel Marsdin, tax partner at MHA, which has offices in Preston and Lancaster, believes the extra defence money will create jobs and lead to other knock-on benefits for the supply chain.
Defence spending had been due to rise to £2.9bn next year. The additional cash will take military expenditure to 2.36 per cent of national income in 2026, with plans for this to rise to 2.5 per cent by 2027.
Rachel said: “The £2.2bn of extra funding for defence will undoubtedly provide an economic boost to major companies operating in this sector and their manufacturing supply chains in the region.
“It was heartening to hear the chancellor mention Barrow in Cumbria by name, but the other major centres like Samlesbury and Warton, and their wider manufacturing supply chains in the region, look set to benefit from the extra money too.”
Brookhouse Aerospace in Darwen is part of that supply chain. It has already taken steps to increase its capacity in response to rising demand.
Specialising in aero-structure composites, fabrication, machining, treatments and
underutilised capability to support the ramping up of future aircraft programmes.
“Demonstrating that we have immediate capacity to deliver exceptional levels of performance on speed shop and standard lead times, quality and sustainability, will help to retain this key capability within the UK.”
Kevin Craven, chief executive of the aerospace, defence and security trade organisation ADS, described the chancellor’s funding package as a “significant step” and said its scope was “a welcome relief for not only our sector but also for our nation, allies and international positioning.”
He added: “Simplifying routes to entry – and the formalisation of UK Defence Innovation (UKDI) – are just one way that government has listened to the repeated needs of the UK defence industry.
“ADS remains clear that government investment that focuses on delivering a long- term demand signal to our industry, as well as developing the deterrence capability we can supply, will allow the UK’s innovative defence industry to deliver the military capacity we need for our security in the face of current threats.
We will reform our broken defence procurement system, making it quicker, more agile and more
streamlined, and giving small businesses across the UK better access to MoD contracts
engineering, Brookhouse expanded last year, opening a 41,000 sq ft manufacturing facility to support its long-term growth plans.
Recent capacity surveys undertaken by Original Equipment Manufacturers (OEMs) highlighted that additional surface treatment capacity is needed across the supply chain to support upcoming civil and military aircraft programmes.
To help deliver that, Brookhouse has realigned its production capabilities, which previously were dedicated solely to treating its own manufactured parts, to offer expertise to the wider supply chain.
Chief executive Matthew Rossiter said: “Our focus is on maximising the scope of an
“Businesses large and small stand ready to support government in this mission and play a vital part in the UK growth agenda while remaining a strategic partner in delivering national security.”
The Federation of Small Businesses (FSB) which is headquartered in Blackpool, has welcomed the commitment to opening up more defence opportunities for SMEs.
Tina McKenzie, its policy chair, said: “There should be no doubt that the government can deliver a better environment for small businesses, including as taxpayers. We welcome the chancellor’s commitment to open up defence procurement to more small firms.”
Natalie Hughes Director and insolvency practitioner /SimplyCorp /SimplyCorp
ACT WITH SPEED WHEN WIND-UP
PETITION LANDS A winding up petition represents the most serious threat to the future of your company and if nothing is done, it will result in the company being closed. If your company receives a petition, you need to act fast.
Following a petition being lodged at court, a notice will be placed in ‘The Gazette’ which is monitored by creditors who will be alerted to act. The bank will freeze your company’s accounts which will stop trade. This can happen as soon as seven days after the petition has been served.
If you cannot repay the petition debt and the core business is viable, there are options to prevent your company from going through this process if you act fast:
1. Dispute the debt. If there is a legitimate dispute and your company can provide clear evidence to this effect, then the debt can be disputed at court.
2. Restructure the business. You can apply for administration through the courts if you can demonstrate that the business of the company can be rescued, or it provides a better outcome for creditors than winding up.
3. Implement a Company Voluntary Arrangement. Negotiate a formal agreement with creditors and create an affordable repayment plan for your company’s debts.
4. Creditors’ Voluntary Liquidation. With the permission of the petitioning creditor, you could look to go through a voluntary liquidation process allowing you to nominate your own insolvency practitioner.
Speaking to insolvency practitioners might seem daunting, but at Simply Corporate we offer empathetic, practical solutions tailored to recovery.
Acting sooner increases the chances of overcoming financial difficulties and securing long-term stability.
For further help and advice call
Natalie Hughes on 01282 222420
simplycorporate.co.uk
Brookhouse Aerospace, Darwen LANCASHIREBUSINES SV
IEW.CO.UK
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