In 1935 the original FTSE Index identified Britain’s 100 most valuable companies. In 2011 only two of the original companies remained in the FTSE 100: BP and GKN. BP is well known, while GKN is a stranger to publicity, yet it employs 38,500 people, makes 85% of its sales outside Britain and sells key components to every major car and aircraft manufacturer in the world.
To be internationally competitive, British engineers and manufacturers have to produce innovative, specialist, high-value products. GKN does exactly that, investing about 3% of its turnover in research and development (the typical figure in Britain is 1.25%) and coming up with important innovations. Not that you’ll see or hear of any of them.
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