Clothing: Investment
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to support fashion designers in the UK access scale up finance.
Answered by Blair McDougall
At the CreativeUK summit, Government announced the Creative Industries Sector Pan to increase support for designers, including DCMS investment in the British Fashion Council's NEWGEN programme, providing funding and mentoring to emerging talent.
The Department for Business is supporting the Creative Industries, including fashion designers, through expanding the capacity of the British Business Bank.
This new capacity includes £4 billon for fund and direct investments across the eight Industrial Strategy sectors over the next four years. On 17 February the Bank announced a £45 million commitment into Redrice Ventures, which specialises in seed-stage investments across the creative industries sector.
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