In recent years, the Labour Party sought to position itself as the party of the business community. As the party now enters Government, this is the time when it can deliver the changes that businesses have been calling for. Walpole has worked hard to ensure that the Labour Party understands the value of our sector, and the huge contribution we make to the UK economy and to communities across the country.
That work will continue with new MPs and ministers to ensure that they understand that luxury is a high-growth sector that provides high-quality employment in communities from the South West to the Islands of Scotland. It prides itself on a sustainable business model and our products are in demand across the world.
There is now an opportunity for the incoming Prime Minister to bring fresh eyes to some of the issues that the outgoing Government were unable to solve.
The UK’s relationship with Europe has been a drag on our economic performance in recent years. Walpole has produced its own report looking at the challenges companies face, and the potential solutions that Government might explore. The incoming Government must deliver changes if it is to deliver on its own growth objectives.
Likewise, the previous Government’s myopia regarding the importance of high-value tourists to the UK was as frustrating as it was inexplicable. I hope that the incoming Government will look again at the Treasury’s estimates of the impact of Tax-Free Shopping and listen, at last, to business, which knows how important this scheme was to supporting jobs and growth across the UK.
The Prime Minister will have an overflowing inbox, but I also hope he takes a look at our British Luxury Manifesto 2024, which outlines a broad set of recommendations that would drive growth and employment in our sector – and for the UK as a whole.
