The British Fashion Council (BFC) outlines crucial priorities for the upcoming UK government to support the fashion industry.
- Reinstating the VAT Retail Export Scheme is essential to enhance fashion retail growth and competitiveness.
- Reforming the business rates regime and enhancing trade investment are identified as key economic drivers.
- Supporting fashion education and developing skilled workers are pivotal for sustaining the sector’s global leadership.
- Legislation for sustainable business practices will be critical to achieving environmental goals.
The British Fashion Council (BFC) has articulated a set of priorities aimed at the forthcoming UK government, focusing on bolstering the fashion industry. These priorities are intended to enhance the industry’s growth, support key economic sectors, and ensure sustainability.
A major component of the BFC’s proposal is the reinstatement of the VAT Retail Export Scheme. The abolition of this scheme has placed UK fashion businesses at a competitive disadvantage in the global market. Reintroducing the scheme could yield an additional £2.3bn in revenue, countering current treasury projections that suggest losses. The BFC argues that this measure is vital for restoring competitive parity with other European markets.
The BFC has also called for an overhaul of the business rates regime. Currently, physical and omnichannel retailers face unfair competition from online-only businesses, particularly in tax burdens. A dynamic business taxation strategy is necessary to incentivise high street growth and community engagement. This approach would also stimulate employment in the sector.
Investment in trade and export is another focal point for the BFC. The council advocates for financial support for designers participating in international market weeks and trade shows. By reducing trade barriers post-Brexit, the UK can enhance its international market presence. London Fashion Week is highlighted as a key event that requires investment to attract international buyers and media attention.
Support for fashion education remains a priority, with an emphasis on integrating arts into the education framework. The BFC stresses the importance of maintaining the UK’s position as a leader in creative education. Investment in arts subjects alongside STEM disciplines could potentially create a million new jobs by 2030.
Finally, the BFC seeks legislative support for sustainable business practices. With the global fashion market contributing significantly to environmental issues, the BFC aims for a regulatory framework that harmonises with international standards, promoting sustainable growth in the UK fashion industry.
The BFC’s policy priorities reflect a strategic effort to fortify the UK fashion industry through economic, educational, and environmental measures.
