Post date: Dec 02, 2013 6:19:19 PM
Reuters Business Report - What do some of London's most iconic buildings have in common?
They all house bells that have been hand cast at the Whitechapel Foundry in EastLondon.
The family business, now run by its fourth generation of owners, is the oldest manufacturing company in the UK.Alan Hughes owner of the Whitechapel Bell Foundry
Alan Hughes, Owner, Whitechapel Bell Foundry
"We've been based in London for over 400 years, and we've been on this site since 1738. We started making church bells, we still make church bells. In fact we make everything that's anything to do with bells and their fitting and their hanging and their ringing."
Britain's manufacturing sector has been getting stronger in recent months.
November's Purchasing Manager's Index figures saw an almost three year peak OF 58.4, with new orders rising to the highest level in 19 years.
Even exports, which the Government and the Bank of England have been desperately trying to lift out of the doldrums, had one of their best months since the financial crisis.
Morgan Stanley's Ian Stanndard.
an Stannard, EU FX Strategy, Morgan Stanley
"PMIs have been extremely strong over the course of recent months, probably running well ahead of the underlying activity data. So overall we think the pace of the UK recovery is probably peaking and is likely to slow down slightly, but the underlying recovery is still very much in place."
But despite the green shoots, the manufacturing sector is still around 9 percent smaller than before the financial crisis.
One possible factor as to why export levels are not yet back to pre-crisis levels is an unwillingness to change amongst British companies.
An investigation by the All Party Parliamentary Manufacturing Group (to be launched in parliament on December 3rd ) has found that UK manufacturers are reluctant to embrace new technology and change with the times.
Alan and his wife have bucked the trend by setting up an online shop.
Alan Hughes, Owner, Whitechapel Bell Foundry
"We are small and we operate in a niche market. And we rely upon export, the home market simply isn't big enough. If you want people to buy from you, every single person on the planet must have heard of you. And that's how you do it."
The investigation also says ministers need to encourage UK manufacturers to take on more ambitious growth strategies by promoting skills development and technological innovation.
Brenda Kelly, IG
Brenda Kelly, Market Analyst, IG saying
"We need to see some greater investments in industry. Clearly that is something that needs to be done and done properly to create any of this flow that we're seeing and the confidence we're seeing in the broader market and that's clearly been a problem over the last number of quarters."
UK manufacturing counts for 11% of the economy, more than financial services.
If the sector wants to continue to strengthen, more long-established British companies would do well to follow the Bell Foundry's suit and set their sights further afield.