The UK Fashion and Textile Association (UKFT) has submitted an extensive proposal to the House of Commons Business and Trade Committee, pressing for immediate and robust support for micro and small businesses within the UK’s fashion and textile industry.
The submission emphasizes the need for targeted, practical interventions to foster growth, expand exports, and ensure fair competition for UK-based firms. The proposals were shaped by comprehensive industry feedback and highlight critical support measures for exporters.
🔑 Key Proposals from UKFT:
- A New Strategy for SMEs: Align support with EU competitors, reform tax and business rates, and review SME policies.
- Stronger Industry Representation: Enhance the role of trade bodies in policymaking and provide market-specific advice instead of generic SME guidance.
- Fair Competition & Finance Access: Implement tax reforms, improve procurement opportunities, and tailor financial products for businesses under £250k turnover.
- Effective Export Support: Reinstate the Tradeshow Access Programme, adapt UK Export Finance (UKEF) for consumer goods, and empower embassies to actively support SME exporters.
- Reviving the High Street: Reduce operational costs, introduce VAT-free shopping for overseas visitors, and boost independent retailers.
- Reducing Cost Pressures: Provide relief on energy, National Insurance, rent, and manufacturing costs.
- Smarter Tax & Compliance: Ensure imported goods meet the same standards as domestic products, and make the tax system more supportive of UK manufacturing.
- Improved Business Support: Fund proven programs like the Manufacturing Advisory Service while eliminating ineffective schemes.
- Better Access to Investment: Support smaller, family-run businesses that aren’t yet investment-ready.
- Boosting Productivity: Facilitate access to relevant technologies and industry-specific innovation.
- Joined-Up Government Action: Encourage interdepartmental collaboration and industry partnership.
- Measuring Success Differently: Redefine government targets to track SME growth, export activity, and market expansion.
UKFT’s comprehensive submission reflects a clear roadmap to empower SMEs, ensuring they can thrive, compete globally, and contribute meaningfully to the UK economy.
