All Change at the Top – How Will Liz Truss Protect Our Fragile Economy

Britain’s newly appointed Prime Minister Liz Truss has promised a bold plan for the country’s cost-of-living crisis. Liz Truss pipped Rishi Sunak to the post when she was announced as the new Conservative PM on the 5th September 2022. She is adamant that she will “deliver” on her two-year plan that will address crippling rising costs for homes and businesses.

For months the media has been awash with negative news from the energy crisis and the Ukraine War to NHS waiting lists and increasing costs for goods. Businesses are naturally very concerned and those that have survived a brutal two-years of pandemic lockdowns are now tightening their belts once again as growth projections plummet.

Another blow to the fashion industry is the news that Swiss luxury group Richemont has given up ownership of Net-a-Porter Yoox after just four-years of a £4.6bn takeover. Their 51% is now sold to Farfetch and businessman Mohamed Alabbar. This news, along with numerous re-shuffles and closures emphasises the need for change in buying and retail.

Jenny Holloway CEO at Fashion-Enter Ltd, manufactures garments for retail brands, large and small, she comments: “Isn’t it time to look at new ways of buying? In terms of both business and sustainability making-to-demand is the way forward. The old business model of forward buying no longer works and ties up vital cashflow. It is time to stop buying in advance and opt for pre-order with factories making-to-demand only. At Fashion-Enter we have an on-site micro factory in place and can turnaround an order swiftly. It is also about proximity sourcing and reducing those carbon emissions. It’s time for real change in our glorious British fashion industry.”

Will PM Liz Truss listen to the plight of small businesses at this crucial time? She has reportedly stated that she has a “bold new economic plan that will cut taxes, grow our economy and unleash the potential of everyone in our United Kingdom.” She has also suggested that she would like to bring forward the next Budget and cut taxes “from day one”. Let’s see how the next few weeks unfold!