This morning Walpole launches an important study, Luxury in the Making. Not only does it show that British luxury is a high growth sector, having grown 69% to a value of £81bn in the five years since we last valued the sector, demonstrating its vital contribution to the U.K. economy, it also examines the intricate relationship between craft, materials, employment, supply chains and brands. Unquestionably, it demonstrates the singular strength of the UK's luxury sector.
What's more, British luxury is on a trajectory that, with the right support and policies, will only grow further. We have quantifed for the first time the significant employment offered by the sector, at the heart of which is skilled work across hospitality, retail and manufacturing, supporting more than 450,000 jobs. Whilst the UK luxury sector is always focused on the future, both in innovation and growth, its foundation is rooted in its rich history, and brands are custodians of crafts and skills with an important heritage.
As Walpole's Chief Executive l'm here to champion the people whose skills drive growth, from weavers in Scottish textile mills, leather specialists supplying our luxury automotive brands or the young people training in high-end hospitality: just a handful of the roles in a sector that accounted for more than one in ten jobs created in the UK between 2017 and 2022. This heritage, innovation and a relentless dedication to excellence give the British luxury sector international appeal, and in turn drive growth and employment.
The people behind the brands are the Olympic athletes of UK PLC yet without proper support for our sector, some defining industries will struggle to survive. We can't let that happen. We all have a part to play in ensuring this high-growth sector continues to thrive. To that end, based on the findings of this report, we have proposed solutions to protect jobs, grow our economy, and continue selling the very best of our country to the rest of the world. #luxuryinthemaking
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