The L & S Accounting Firm Manufacturing industry group has extensive insight and understanding in providing practical support to our clients. Our firm focus is on developing and executing manufacturing strategies that integrate people, process and technologies that bring our clients tangible results.
Manufacturing is the third largest sector in the UK economy, after business services and the retail sector1 in terms of share of UK Gross Domestic Product (GDP)2. In 2009, the UK manufacturing sector generated around £140bn in gross value added (GVA)3, representing just over 11% of the UK economy4.
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:
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%.
L & S Accounting Firm is focused on; Providing Financial Services and Strategies For Business Success. This enables us to deliver services that is more than just accounting. We equip businesses with lots of strategies and tools that promotes success, growth and better management making decisions.
As Financial / Management Accountants and Recruitment consultants, L & S Accounting Firm is able to offer variety of services that cuts across all businesses.