Overview of the Fashion & Economic Value Report 2024
As the election period is nearing its conclusion, I wanted to provide you with pivotal insights from our latest report, "Fashion & Economic Value Report 2024." This report underscores the significant contributions and future potential of the UK fashion sector and outlines critical recommendations for driving sustainability, inclusivity, and economic resilience within the industry.
Overview of the Fashion & Economic Value Report 2024
Our latest report illuminates the vast contributions of the UK's fashion sector, which generates approximately £60 billion annually—nearly half of the total economic impact from the UK's creative industries. It explores the economic influence, regional growth, and pivotal role in sustainability and innovation of the fashion industry. Here are the key findings and recommendations from the report:
Key Findings:
Economic Impact: Fashion is the largest of the UK's creative industries, contributing around £60 billion per year to the economy and employing 1.3 million people.
Regional Growth: The fashion industry supports regional economies, with notable increases in fashion businesses in Scotland and employment growth in Manchester.
Sustainability Challenges: The industry faces significant challenges related to sustainable manufacturing practices and the environmental impact of fast fashion.
Recommendations:
Prioritise UK Manufacturing: Given the economic contribution of the fashion industry, it is crucial to prioritize keeping and expanding clothing manufacturing in the UK to boost economic growth.
Support Regenerative Practices: Introduce tax and financial incentives to support regenerative and sustainable practices, ensuring skilled jobs can be developed to underpin local economies.
Increase Responsibilities of Fast Fashion: Implement laws to hold fast fashion companies accountable for their environmental impact, preventing them from skewing the market in a damaging way.
Develop Recycling Infrastructure: Work with the private sector to unlock funding and space needed to develop textile recycling centres, creating jobs and supporting local economies.
Encourage Fashion Startups: Monitor the success of fashion startups and ensure university curriculums equip students with the necessary business skills to thrive in the evolving fashion industry.
Integrate Fashion in Devolved Powers: Consider the role of the fashion industry when allocating funding and powers to devolved areas, ensuring local strategies support regional economic growth.
The fashion industry remains a cornerstone of the UK economy, previously the fastest-growing creative industry in the country. Our report provides a comprehensive overview of the current landscape and proposes actionable solutions for leading in sustainability, social justice, increased social mobility, and boosting UK GDP.
We urge all political parties to incorporate these recommendations into their post-election strategies. This is a pivotal moment to ensure a sustainable, inclusive, and prosperous future for the UK fashion industry.
We also seek your support in raising awareness about our work and the critical issues outlined in our report. By highlighting these key findings and recommendations, you can help drive the necessary changes that will benefit the entire fashion sector and beyond.
For further details or to arrange an interview, please feel free to reach out to Jane in cc.
You can read the full report here.