The British Fashion Council (BFC) has outlined its top five priorities for the incoming government ahead of the 2024 general election.
- One key demand is the reintroduction of the VAT Retail Export Scheme to enhance Britain’s competitiveness.
- The BFC calls for a comprehensive business rates reform to support physical retail businesses.
- There is an urgent need for substantial investment in UK fashion’s international trade and education sectors.
- Sustainability and workforce development are critical areas needing legislative and strategic focus.
As the 2024 general election looms, the British Fashion Council (BFC) is presenting a clear set of priorities to the incoming government, with the aim of bolstering the fashion industry’s growth and sustainability. Caroline Rush, BFC’s CEO, emphasises the necessity of government engagement, stating, ‘The general election on 4 July has come at a crucial time for the fashion industry. Government engagement is much needed for our future success.’ The BFC’s manifesto prioritises the restoration of the VAT Retail Export Scheme, which is crucial for maintaining the UK’s competitive edge in fashion retail, considering London’s West End’s 15% drop in retail spending despite stable international tourism figures.
The BFC argues that the reintroduction of tax-free shopping could generate an additional £2.3 billion in revenue, challenging the Treasury’s projections that the scheme is an economic loss. This financial measure is imperative to levelling the playing field with neighbouring European nations where international visitor spending has significantly increased.
Additionally, the call for an overhaul of the business rates regime highlights the challenges faced by brick-and-mortar stores in competing against online retailers. A dynamic and long-term strategy is needed to incentivise growth, encourage high street activity, and integrate businesses with their local communities, thereby supporting employment and economic vibrancy.
Investment in international trade and fashion education are also on the BFC’s agenda. By supporting London Fashion Week’s international presence and facilitating designers’ access to global markets, the BFC aims to fortify the UK’s position in the creative industries. The council also stresses the importance of a STEAM (Science, Technology, Engineering, Arts, Mathematics) approach in education, advocating for sustained funding in arts subjects to ensure that the UK remains a global leader in fashion education.
The BFC seeks to cultivate a new generation of skilled workers and businesses through continued support of development schemes, such as the Newgen initiative. Finally, the council urges the government to introduce legislation promoting sustainable business practices to align with decarbonisation and net-zero targets, recognising fashion’s significant environmental impact.
The BFC’s comprehensive plan presents a strategic pathway to ensure the future success of the UK fashion industry, urging decisive government action.
