The lack of support shown by the government over the potentially crippling issue of credit insurance is shocking.
Our sector sits at the frontline of consumer uncertainty, yet the fashion industry remains frustratingly low on the government’s list of priorities.
Having dramatically slashed cover to our sector, many suppliers, brands, manufacturers, wholesalers and retailers feel they have been hung out to dry by traditional credit insurers. Particularly as most have faithfully stumped up premiums for many years.
To suddenly be deemed too high-risk a sector has led to many firms having to “self-insure”, or having to accept significantly reduced orders, or worse still, left fighting for survival. The risk to jobs is clear. The sector is, after all, among the biggest employers in the UK. Yet the government has still to give any help.
The British Clothing Industry Association’s chairman Peter Lucas is leading a spirited campaign calling on the government to channel some of the funds set aside to rescue financial institutions into insuring orders from UK retailers. To this effect Drapers is urging any businesses affected by the credit insurance debacle to join the Credit Insurance Campaign.
You can help by sharing your experiences of how a lack of credit insurance is impacting your business confidentially with Lucas, who will present his findings to Peter Mandelson, secretary of state for business, enterprise & regulatory reform. You can also join the debate via the Drapers group forum on business networking website LinkedIn.
To voice your opinion online, sign up to www.linkedin.com and search for DrapersWholesale Forum within the Groups section