‘Body-blow’ for UK firms as government slashes trade show support
03/11/2014
The cut would eradicate 50% of the remainder of the TAP programme in the period January to March 2015, and would be a “devastating body-blow for the autumn/winter fashion as well as the spring/summer textile selling seasons”, it said.
In addition, a 100% cut to Key Event funding, also announced, could prevent the industry from raising its profile at a number of shows.
“It is the lack of prior warning which does the most harm,” said UKFT in a statement. “Within the fashion and textile industry alone, the cut would affect almost 200 eligible SME companies who may not now be supported with grants for key international trade shows which had been agreed with the UKTI and announced some time ago.
“Most SME businesses regard TAP as fundamental to their export success and the single most beneficial Government policy for industry. The scheme is essential not only for the companies themselves but also for the wider UK economy, as the figures show that for every £1 the government invests in TAP, a minimum of £35 comes back to the country in taxable income. For the Fashion & Textiles Industry, the ratio is even higher at £40: £1.”
UKFT is campaigning hard for this cut to be reversed immediately and the reinstatement of the grant element of UKTI’s “Gateway” and “Passport to Export” schemes which were cut earlier in the year.
The British Footwear Association in May spoke of its dismay at not being able to assist companies travelling to the major shoe shows after TAP was slashed for its members.
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