An industry with an annual turnover approaching 20 billion pounds and 120,000 direct employees would hardly appear to be one meandering toward crisis--but appearances can be deceptive. Britain's defense-aerospace sector remains globally highly competitive, contributing 2.5-3 billion pounds ($4.6-5.6 billion) per annum to the balance of trade. The foundation on which this is built, however, is eroding: behind the apparently healthy facade are serious concerns for the long term. ...

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