Tomorrow marks the announcement of the Spring Budget and what many anticipate to be the last fiscal event before the general election, which we’re pegging for Autumn. As such, this might be the final opportunity for the Conservatives to set policies prior to an election.

After collating both qualitative and quantitative data over recent months, in time to share our Sector Vision in Parliament, we have been advocating for a number of sector recommendations which we have presented cross-party.

Our recommendations encompass many facets of the sector from farming through to academia and are focused on the long-term, however there are two recommendations that we’d like to see taken up immediately in tomorrow’s budget.

Click through for more.

Photo: Photo by Ugur Akdemir on Unsplash. Image of Westminster buildings.

On the 30th January 2024, Fashion Roundtable, along with Shadow Minister for Creative Industries and Digital, Sir Chris Bryant, hosted a roundtable with the Parliamentary Labour Party where industry leaders outlined the opportunities and challenges faced by the British fashion sector. 

The VAT RES allowed the UK to be the number one European destination for global tourists looking to purchase fashion items and reclaim their tax. This was stopped when the UK left the EU and currently Paris, not London is their tax-free tourist destination of choice.

Helen Brocklebank, CEO, Walpole: “Prior to the pandemic, the British luxury sector was in rude health with a value of £48bn to the UK economy and strong annual growth of nearly 10%. Very much a British success story, the sector supported more than 160,000 jobs throughout the UK. However, international visitors to the UK are a crucial revenue driver, and the last 11 months has put severe pressure on their businesses. On top of the pandemic, the eleventh hour Brexit deal has compounded the sector's problems, making chances of swift recovery for British luxury recede compared to their European counterparts. With 42% of all British luxury export sales coming from the EU, the costs and administrative burdens of trading in continental Europe mean many of our members, not least the SME's, have concluded they simply can’t afford to continue selling to those countries.