The UK fashion and textile industry contributes £62bn to the UK economy or the equivalent of £1 in every £34 of the UK’s total gross value added (GVA) contribution, according to a new report from UKFT and Oxford Economics.
The sector supports 1.3 million jobs, which equates to 1 in every 25 jobs in the UK and raises more than £23bn in tax revenues or £1 in every £30 of HMRC’s tax receipts.
The UK fashion and textile industry is one of the largest sectors in the country and its influence extends around the world.
The industry produces everything from jeans, Savile Row suits and designer dresses through to medical masks, upholstered car seats and next-generation fabrics used in space. Hundreds or thousands of people co-operate with each other to bring an idea to life and into the hands of the final consumer.
“This report highlights the vital contribution that the fashion and textile industry makes to the UK economy and society as a whole and its potential for future growth and positive impact.”
The report was researched and written by Oxford Economics commissioned by UKFT and funded by a range of cross-sector organisations including The Clothworkers’ Company, The Weavers’ Company, Innovate UK, the University of Huddersfield, the Greater London Authority and The Cotton Textiles Research Trust. It follows the findings of industry-wide consultation.