The British Fashion Council is calling for government support to save industry jobs
The British Fashion Council has this week called on the UK government for support to help save up to 240,000 industry jobs, which are predicted to be lost in the coming months. The organisation has laid out seven proposed measures that are tailored to the needs of fashion companies in order to try to save the sector from these major losses.
The proposed measures feature a variety of different approaches including; interest-free loans for businesses, helping businesses to renegotiate expensive leases on retail spaces, legislation to prevent larger businesses from cancelling orders from smaller companies and an embargo placed on tariffs to encourage international trade. It will also look for funding into more sustainable practices within the fashion industry to set it on a greener path.
The bleak figures regarding job losses come from data released by Oxford Economics who predicted that 240,000 direct jobs will be lost, but a further 110,000 indirect jobs will also be at risk for the fashion industry.
Following the impact of a national lockdown due to the global pandemic, the British fashion industry's total revenues are expected to drop to £88 billion this year, down from £118 billion in 2019, bringing the industry's contribution to the UK economy to just £26.2 billion, significantly down from £35 billion the previous year.
The BFC stressed the importance of the fashion industry during the pandemic in its supply of two billion pieces of personal protective equipment – and has highlighted that without preventing this shortfall, a whole generation of talent could be wiped out.
The BFC is also asking for charitable donations to aid with its own fundraising initiatives, having already helped 37 London Fashion Week designers in May through the BFC Fashion Foundation Fund, which was made available through a £1 million emergency fund.
"Over the last couple of weeks, we have seen an astonishing amount of applications come through from British designer businesses all over the country, asking for help to survive the crisis," chief executive Caroline Rush said at the time. "The need for support is immense. Our hope is to re-open the fund for future rounds, to help as many businesses as possible, and ensure the future growth and success of the British fashion industry.”
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