The Government must support the Retail and Fashion sectors now!

21st March 2009

Drapers is backing the British Clothing Industry Association’s (BCIA) campaign for the government to support the UK fashion and retail industries by offering credit insurance on domestic orders.

The BCIA believes the government has a duty to channel some of the cash set aside to support the UK’s financial institutions into insuring orders from UK retailers. The BCIA says the government already has the people and experience to do this via its Export Credit Guarantee Department, which already insures some goods shipped to overseas buyers.
Drapers is urging as many wholesalers, brands, suppliers, manufacturers and retailers to join up with this campaign to give the industry one united and powerful voice.
BCIA chairman Peter Lucas intends to present all of the evidence gathered to Peter Mandelson, secretary of state for business, enterprise & regulatory reform. Anything sent to Peter will be treated in absolute confidence.

So far while the Government has bailed out the Banks and Financial institutions, and propped up the ailing Car Industry, it has done very little to support the Retail sector, asides from the VAT reducton which let’s be honest hasn’t exactly driven consumers to increase their spending.

Confidence within the Retail sector would return immediately upon implementation of this initiative. And the relative cost compared to the taxpayers investment made to bail out the sectors mentioned above would be small but the impact huge.

For more information see the ‘Backing UK Retail’ Group on LinkedIn.com.

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