The British Fashion Council Asked the Government for Financial Support
The British Fashion Council has asked the government to support representatives of the fashion industry. The organization published the results of an Oxford Economics study, according to which 240 thousand people will lose their jobs (in total, about 890 thousand British people work in the fashion industry). Another 110 thousand British employees may lose indirect jobs. Reductions will hit the industry’s total profit - the industry’s contribution to the country's economy will decrease to £ 26.2 billion (compared to £ 35 billion last year). Since the opening of London boutiques after quarantine, only 5.1 million people have visited them. This is 73% less than in 2019.
According to representatives of the British Fashion Council, financial support from the government will help to avoid all this. The organization asks the state to change the cost of rent, create grants for brands and independent designers, as well as give them access to interest-free loans for small and medium-sized businesses, impose an embargo on export tariffs and introduce a law prohibiting large retailers from canceling orders.