The UK fashion industry is important to the economy, contributing to it a direct value of £26 billion. This figure, up by 22% from 2009, measures the effect of wholesale, retail and manufacturing on the economy, as well as the industry's contribution to other industries, like tourism and financial services. The London Fashion Week is also taking place now at Somerset House.
"Fashion businesses are not just culturally significant to the UK, they're also economically significant," says Carl Hasty, Director of international payments specialist Smart Currency Business. "The latest London Fashion Week is wowing retailers, crowds and the media, as always. Underneath all of the glitz and glam, however, is a structure of industries that contribute to the success of UK fashion.
"More needs to be done to help UK fashion businesses succeed, from start-up funding to the continual demolishment of international barriers to trade. More needs to be done to signify the hard work that goes into the business of fashion, and to help it along."