Quantifying the opportunities for economic growth: Best of Britain launches new report
Here's what the UK-EU reset could actually deliver
Best for Britain asked Frontier Economics to independently model the economic effects of alignment in the areas of goods and services between the UK and the EU within the UK Government’s negotiating red lines of ‘no return to the single market, customs union or freedom of movement’.
The modelling also considered the United States (US) levying tariffs on the UK and other trade partners. The modelling used a gravity model for trade, embedded in a broader economic model, belonging to a class of models sometimes described as New Quantitative Trade Models (NQTM).
Harriet Fletcher-Gilhuys attended the launch of the report at the UK Trade & Business Commission event ‘UK-EU Reset: Quantifying the opportunities for economic growth’ in Parliament.
General consensus was that the creative industries are not necessarily directly included in this, a missed opportunity as and something that Emily Fry (Resolution Foundation) focused on a lot. She spoke about a musician travelling into Europe with a guitar and having to pay extra to take this vital equipment overseas to perform a service. Services in the creative industries are far more expensive than goods and this is a loophole that needs addressing, especially for sole traders.
Some key quotes from the speakers:
"There is a substantial gain of a closer relationship with the UK and EU, this will operate in a framework of rules which gives small businesses more stability and alignment" Amar Breckenridge, Frontier Economics
"The primary concern is greater alignment within the area of regulation and how this can improve when trading between both the UK and EU, we need a closer alignment on goods" Amar Breckenridge - Frontier Economics
"The UK is relatively shielded from US Tariffs at virtually net zero, the effects will be more negative on the EU market" Amar Breckenridge - Frontier Economics
"A majority (54%) of British voters would be willing to follow some specific EU rules, standards and regulations to improve trade access - almost double the number who said they would not (29%)" Naomi Smith - CEO Best for Britain
"All but two constituencies voted in favour of a closer alignment with the EU and UK" Naomi Smith - CEO Best for Britain
"We are looking at a bottom up economic model, it is worth looking at the Swiss-EU relationship and versions that we can learn from" Emily Fry - Resolution Foundation
A summary of the findings contained in Frontier Economics' influential report detailed below:
Closer alignment with EU regulations, within the UK Government negotiation red lines, could boost the UK economy by between 1.0% to 2.2%.
Importantly, the economic growth will be felt across all of the UK regions and nations, with the Midlands and the North set to benefit most from deeper goods alignment with the EU.
In monetary terms, the UK and EU can expect a similar boost in exports of between $20-$30 billion.
Deep alignment in goods and services with the UK reduces the impact of US tariffs on the EU economy by about a third.
A YouGov poll of almost 15,000 people finds that alignment with EU standards and regulations is the most popular option in all but two of the constituencies in Great Britain.
A celebration of slow food and fashion at The King’s Foundation’s UK-Italy Dinner
It wasn’t just Italian food and fashion that was celebrated at this week’s UK-Italy Celebration Dinner at Highgrove House.
Students and graduates from The King’s Foundation’s education programmes showcased their work at the reception, celebrating slow food and sustainable fashion.
From millnery and embroidery, to sustainable fashion design and furniture making, the King’s Foundation students are the next generation of environmentally-conscious makers. Studying onsite at Highgrove Gardens, all the students took inspiration from the gardens in their design work.
Did you know change is coming and you may not like what it means for creatives?
Author Chris Haughton urges creatives to weigh in on AI Government Consultation
"It is using our own work to compete against us. If this new law is the template we are working with it has the potential to decimate the entire cultural sector. The thing that worries me most is that the cultural sphere with its journalists, film makers, authors etc is what we all rely on to keep governments in check. If the sector starts losing jobs the industry will get more competitive, many of us will be forced to get regular jobs and it will weaken any resistance to further erosion on rights."
This consultation closes at 23:59 on 25 February 2025.
You may respond via Citizen Space. Alternative, please send responses to copyrightconsultation@ipo.gov.uk. To ensure that the consultation can make best use of your evidence, please make sure relevant methodologies and data are included or clearly referenced as part of your response, where possible. Qualitative evidence is also welcome, such as case studies. Please consider the guidance on providing evidence for policy making when drafting your response.
Trump’s new tariff will hit fast fashion, but it’s not necessarily a win for the environment
Rebecca Ann Hughes article for Euronews
A sweeping new US tariff on products made in China spells an uncertain future for fast fashion - but is this positive news for the climate?
Fashion Roundtable’s Meg Pirie thoughts were included in Hughes’s write up:
“While Trump’s 10 per cent levy on goods made in China and sold to the US closes [the ‘de minimis’] loophole, fast-fashion brands are easily able to absorb these costs,” she says.
“Smaller brands will be hit harder, and may have to change a product’s structure and production process, by getting different components from different countries before assembling for example.”
In fact, she warns there may be a negative effect on the planet: “It’s dubious that these tariffs will help the environment as many will aim to pivot supply chains and therefore carbon footprints are increased.”
Spotlight on: The Great British Wool Revival
Four organisations have come together to make The Great British Wool Revival possible: The project is directed and run by Fashion Roundtable, and is written and researched by The Wool Library. It has been funded by YOOX NET-A-PORTER as part of its Modern Artisan programme for 2024, a pioneering talent initiative to train emerging designers and makers in partnership with The King's Foundation at their headquarters at Dumfries House in Ayrshire, Scotland - where conversations around using locally reared sheep for wool began.
Together, we share a desire to move towards a more responsible fashion industry.
Acting as a hub for sharing knowledge and resources, The Great British Wool Revival has been developed to support our collective ambition to see British wool, grown on our hills and valleys, take pride of place in our wardrobes.
Listen to our episode of the Front Row to Front Bench podcast with the team behind the Great British Wool Revival: Tamara Cincik speaks with Harriet Fletcher-Gilhuys, Zoe Fletcher and Maria Benjamin, the team behind our collaboration with The King's Foundation and YNAP for the Modern Artisan Collection, the Great British Wool Revival.
Made in the UK, Sold to the World Awards 2025 - Enter now!
The Department for Business and Trade’s Made in the UK, Sold to the World Awards are now open for entry.
The UK invents, creates, develops, makes and engineers amazing products and services that are sold to the world. These awards recognise and celebrate the exporting success of small UK businesses.
2025 winners will receive:
a year’s free business membership to the Chartered Institute of Export & International Trade
a working capital masterclass with Lloyds Bank
bespoke promotion on the Department for Business and Trade’s channels
professional photos of their business and usage rights
an invitation to the winners’ reception in Parliament
a trophy, certificate and digital badge
Closing date is 9th March 2025