LONDON — The British Fashion Council is calling for more government aid.
The organization has released data by Oxford Economics, which predicts that 240,000 direct jobs will be lost in the U.K. fashion industry, which until last year employed 890,000 people.
A further 110,000 indirect jobs are also said to be at risk, which will cause the industry’s total revenues to drop to 88 billion pounds this year, compared to 118 billion pounds in 2019. This will decrease the industry’s overall contribution to the country’s economy to 26.2 billion pounds, from 35 billion pounds last year.
According to the BFC, this data highlights that the looming recession will effectively “wipe out” the above-average growth the industry has been achieving to date — as well as an entire generation of talent.
The BFC is also asking for funding that will enable research into sustainable practices like upcycling or waste management that will help restart the industry in a healthier, more circular way. It also highlighted the importance of supporting the local manufacturing and textile industries, with the government building on its commitment to produce 2 billion pieces of personal protective equipment in the U.K. and further investing in the development of skills, material innovations beyond PPE, and tax-relief schemes that will create the “right trading environment.”
Source: WWD
