The British Fashion Council released new data from Oxford economics supporting the evident reality of the impact of coronavirus pandemic on the fashion industry in UK. The British Fashion Council has suggested a series of measures so as to save guard and get the support from the government for the future of the sector.
The COVID-19 recession could hit the fashion industry twice as hard compared to the UK overall, effectively wiping out the above-average growth achieved by the industry in the past ten years, according to the data, which shows that alongside the economic impact, an entire generation of creative talent is threatened to disappear, putting in danger the UK’s position as the creative crucible of global fashion, BFC said in a press release.
The measures are helping keep retail open, protecting towns and cities; funding small and medium enterprises (SMEs); funding innovation and research and development for clean growth; responsible retailing; providing access to finance and future-proofing; a moratorium on payment of duty and tariffs; and invest in a responsible fashion and textile manufacturing.
A portion of funds was allocated to students, underpinning the future generation of creative talent. The fund will re-open for further rounds of applications so that more meaningful support can be given, every time the £500,000 milestone is reached.
