Accounting for innovation
The UK aerospace industry is recognised as one of the world’s leading designers and manufacturers, with an annual turnover of £29bn (an increase of over £6bn in the last five years) and 17% of global market share, it is the largest aerospace industry in Europe. The international air travel and civil aerospace sector has been flying high for several years and is driving the growth in the industry. And with the predicted air travel growth over the coming years, there is significant opportunities for the UK aerospace industry but the UK can’t get complacent. Issues with long term agreements, productivity levels, availability of correctly skilled people and the rise of new entrants from Asia (China, India and South Korea) and the EU (Poland) are putting pressure on supply chains.
The UK has the right tools to remain a competitive aerospace superpower – flexible labour force, strong skills base, a willingness to seek and invest in new technologies and a supportive Government. But to remain competitive in the global marketplace it needs to continue its investment in design, innovation and skills.
BDO’s aerospace team provides an integrated, full service capability to firms across the industry. We provide real solutions to industry issues, utilising our capabilities in everything from sector-specific tax, audit and business advice to patent box, research and development claims and acquisition challenges to help our clients grow in the UK and overseas.