Report urges policy makers to consider fashion’s £60bn impact on UK economy – TheIndustry.fashion

Fashion Roundtable, the think tank dedicated to reimagining a responsible, inclusive, and sustainable fashion sector, released its “Fashion and Economic Value Report 2024”. The report urges political parties to consider its findings in their policy frameworks ahead of the general election. 

The report shines a light on fashion’s indispensable role in the UK’s economy. The industry is responsible for injecting £60 billion annually. Not only does the fashion industry generate tens of billions, but it also stands as a significant pillar of the job market employing 1.3 million people across the UK.

The report highlights the industry’s vital contribution to regional economies, notably in Scotland and Manchester, where there have been substantial increases in fashion businesses and employment. This growth aligns seamlessly with the government’s levelling-up agenda, fostering regional economic resilience.

In addition, it explores fashion’s pioneering sustainability efforts. The fashion sector is at the forefront of sustainable and regenerative practices, responding to the burgeoning consumer demand for eco-friendly products and ethical business practices. This leadership in sustainability positions the industry as a crucial player in the global movement towards environmental responsibility.

Ahead of the general election, Fashion Roundtable is urging all parties to consider its recommendations, these include:

• Prioritise UK Manufacturing: The report advocates for expanding UK clothing manufacturing to stimulate economic growth and create jobs. This ensures resilience against global supply chain disruptions.
• Support Regenerative Practices: To bolster sustainable practices, the government should introduce tax and financial incentives. This will nurture the development of skilled jobs that sustain local economies and promote environmental sustainability.
• Strengthen Environmental Regulations: Implementing robust laws to hold fast fashion companies accountable for their environmental impact is crucial.
• Develop Recycling Infrastructure: Collaboration with the private sector is essential to unlock funding and develop recycling centres. This initiative will foster a circular economy, significantly reducing landfill waste and promoting sustainable resource management.
• Foster Fashion Startups: By monitoring the success of fashion startups and adapting university curriculums to include essential business skills.
• Incorporate Fashion in Devolved Powers: Recognising the fashion industry’s role in regional growth, the report calls for its consideration in the allocation of funding and powers to devolved areas.

Founded by Tamara Cincik in 2017, Fashion Roundtable bridges the gap between politics and fashion, addressing inequalities and promoting sustainable practices. As an independent, non-partisan voice, Fashion Roundtable collaborates with the UK government and parliament through APPGs, participates in governmental discussions and contributes to evidence sessions.