The fashion retail industry expresses optimism following Labour’s decisive victory, highlighting the need for urgent action on key issues.
- Labour’s triumph in the general election is seen as a significant opportunity for retail reform, with leaders calling for constructive collaboration.
- There is a strong emphasis on reforming business rates and addressing retail crime, crucial components of Labour’s promises.
- Industry bodies stress the importance of Labour’s commitments to worker protection and sustainable growth.
- Calls for a restoration of the VAT Retail Export Scheme and support for fashion education highlight critical needs.
The fashion retail industry has reacted positively to Labour’s landslide victory, with more than 400 seats secured, bringing new possibilities for workers, businesses, and consumers. Industry experts have voiced their reactions to Labour’s win and outlined what the party must address moving forward.
Helen Dickinson, of the British Retail Consortium, emphasised the significance of aligning retail’s contributions with Labour’s policy goals, especially around reforming business rates, planning, and the apprenticeship levy. She highlighted that the current business rates system is a major barrier to growth, with retail shouldering 22% of the total rates burden while comprising only 5% of the economy. Her call for action underlines the urgent need to convert plans into effective policies.
Dee Corsi from the New West End Company expressed relief at the certainty the election result brings. She urges immediate translation of Labour’s promises into policies, particularly in reforming business rates and tackling retail crime. With over 600 businesses represented, she welcomes constructive dialogue with the government to achieve shared growth goals.
Paddy Lillis of Usdaw pointed out Labour’s policies aiming at making work pay and enhancing shop workers’ rights. He stressed the critical need for legislation that protects shop workers and addresses a neglected retail crime issue, encouraging Labour to abolish the £200 threshold for prosecuting shoplifters and improve security with more patrolling officers.
Jacqui Baker from RSM UK focuses on the anticipation surrounding Labour’s business rates reform, which is vital for the retail sector. She expresses hope for meaningful changes that ensure a safe working environment for shop staff, while noting disappointment over the absence of mention regarding tax-free shopping.
Caroline Rush of the British Fashion Council calls on the new government to revive the VAT Retail Export Scheme to boost the fashion sector, support fashion education, and introduce legislation for sustainable practices. Her statements reflect a broader industry desire for proactive steps towards growth and sustainability.
Rain Newton-Smith from the Confederation of British Industry emphasised sustainable growth as a key mission for the government, urging swift decisions on planning reform and infrastructure to ignite the economy. Her comments resonate with a need for a government focused on prompt action.
Scott Parsons of Unibail-Rodamco-Westfield sees this election as a chance to redefine business-government relations positively. He prioritises reforming business rates and abolishing tourist tax to revitalise high streets and enhance competitiveness.
Retailers express mixed feelings, acknowledging the positives of stability and potential reform while remaining cautious about the actual implementation of Labour’s pledges. Some scepticism remains over the commitment to long-term economic reform, despite welcoming the change.
The fashion retail sector is hopeful yet watchful, seeking concrete action from Labour to address pressing industry issues and catalyse economic growth.
