There is no doubt that the fashion industry, like many others, has been severely hit by the global pandemic. So much so that the British Fashion Council is calling on the Government to step in with support majors.
This comes after it released new data from Oxford Economics showing recession could hit the fashion sector twice as hard as the UK overall.
The BFC also shared its concerns that not only would the growth the industry has managed in the past decade be halted, but many young creatives wouldn’t survive the hit. It had predicted 240,000 direct jobs will be lost, which would rise to 350k if you count indirect jobs through the supply chain and consumers spending.
It is asking the Government to help with several measures, including enabling re-negotiations of leases for businesses, as well as lowering taxes, making funding available for small to medium enterprises, and supporting a more eco-friendly process.
Whilst it is asking for immediate relief during the Covid-19 crisis, it also asked to future proof the industry with the creation of ‘a new Fashion Investment Fund with industry mentoring support and fiscal incentives for investment in business and inward investment’ so business are developed with a more secure fiscal framework.
The BFC also hopes for a partnership to create ‘the most resilient, environmentally friendly PPE for the future.’
The Council was created in 1983, and in May 2020 announced it would financially support and mentor 37 emerging British designers and brands struggling through the pandemic.
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