UK luxury is a world-famous byword for quality, creativity and heritage. By harnessing the storied histories of their brands to sustainable, forward looking commercial practices, these companies represent the best of British business. It is a £81bn powerhouse industry, which supports 454,000 jobs across the UK and generates 3.7% of UK GDP. Its highly innovative, creative, export-led approach is a driver of growth and prosperity for the UK while promoting British design and craftsmanship to the world.
Walpole is the official sector body for UK luxury. It is recognised in both Westminster and Brussels as the voice of luxury. Our organisation's purpose is to promote, protect and develop a sector that is the jewel in the crown of British business and a global calling card for British creativity, quality, entrepreneurship and sustainability. We do this by representing our members’ interests at home and abroad, building networks and encouraging collaboration within our community, and providing members with knowledge, insight and expertise.
Walpole's British Luxury Manifesto 2024 outlines a summary of the policy changes businesses in our sector need to continue to thrive. The sector is projected to grow to between £105bn and £135bn by 2028. As such, it must be a key part of any government’s plan for growth. The policies in this document would push the sector towards the higher end of that projection, and in doing so would support highly skilled rewarding jobs, UK exports and inward investment.
At the top level, Walpole's key priorities for policymakers will be to:
Expand geographical indicators to include craft products
Reform the Apprenticeship Levy
Introduce a new digital tax-free shopping scheme for international visitors
Extend full expensing to second-hand plant and machinery to boost highly skilled manufacturing
Reform business rates with annual revaluations, and set increases by current, not past levels of inflation
Ensure that UK-made products are protected from the threat of retaliatory tariffs and other trade challenges
Reduce trade barriers with the EU
Retain selective distribution regulations and existing IP framework
Crack down on counterfeiting and stop the trade in fake goods
Reform visitor visas to make visiting the UK as frictionless as possible
Reform working visas to address the hospitality workforce shortage
Create a sustainability and ESG policy that recognises the importance of high regulatory standards to international consumers
Government must ensure that plans to move towards a circular economy are made in consultation with businesses that have experience of delivering such changes
In addition to the key priorities above, the British Luxury Manifesto 2024 contains recommendations for a number of areas of policy and business including employment, taxation, trade, tourism, sustainability, our relationship with Europe and more. Please download the PDF below to read the entire document in full.
