As the British Fashion Council celebrates its 40th anniversary, it’s looking to the upcoming general election for crucial support. Here are the five priorities they hope the new government will address.
- The restoration of the VAT Retail Export Scheme and the reformation of business rates is crucial for competitive growth within the sector.
- Greater investment in trade and export, particularly for UK designers, is essential for international success.
- Supporting the UK’s leading fashion education sector with a commitment to STEAM is necessary for future industry growth.
- A new generation of businesses and skilled workers needs nurturing to maintain the UK’s leading global position in fashion.
The British Fashion Council (BFC) is calling for the reinstatement of the VAT Retail Export Scheme amidst a competitive market landscape. Recent data shows a significant decline in retail spending in London’s West End despite a steady influx of international visitors. This decline contrasts starkly with increased spending in France and Spain. Experts argue that restoring this scheme would not only boost UK competitiveness but potentially deliver an additional revenue of £2.3 billion. The Treasury, however, remains hesitant to re-evaluate its fiscal projections on the matter.
Alongside tax reforms, the BFC is advocating for a comprehensive overhaul of the business rates regime. Current structures favour online-only retailers over their high street counterparts, creating an uneven playing field. Proposed changes include a long-term strategy focused on fostering growth and engagement within local communities.
For UK fashion designers to thrive on the global stage, increased funding and strategic support are necessary. The BFC highlights the need for investment in initiatives like the London Fashion Week international buyers and press programme. Moreover, enhancing access to international trade shows and reducing post-Brexit trade barriers with Europe are crucial elements in shaping a robust trade policy.
Fashion education in the UK is renowned globally, with several programmes sitting at the top of international rankings. The BFC urges the government to commit to STEAM over STEM by maintaining and increasing support for the arts in education. This investment is pivotal to unlocking potential job growth in the creative industries, estimated at one million new positions by 2030.
The BFC’s focus on cultivating new fashion enterprises and a diverse, skilled workforce is vital for the industry’s sustainability. The continued support of development schemes and collaborations with academic institutions are seen as key drivers of innovation and skill enhancement in the sector.
Finally, green initiatives are at the forefront of the BFC’s agenda, with a call for legislative action to endorse sustainable practices within the industry. By aligning with global standards, the UK fashion sector aims to significantly reduce its environmental footprint.
The British Fashion Council’s manifesto presents a strategic blueprint, urging governmental support to drive the UK fashion industry toward significant growth and sustainability.
