Nearly half of UK households say that they would struggle to cope if their monthly outgoings rose by £99. We look at how you can create some financial 'breathing space' to help you out if you lose your job or become ill.
Topshop increases UK factory use
Topshop tycoon Sir Philip Green has signalled a boost for the UK clothing industry by revealing that more homegrown firms now supplied his fashion empire.
Sir Philip Green said his Arcadia Group has increased the number of British factories it uses by 20 per cent in the past year
Topshop tycoon Sir Philip Green has signalled a boost for the UK clothing industry by revealing that more homegrown firms now supplied his fashion empire.
Sir Philip's Arcadia Group, which is also behind the brands Dorothy Perkins, Burton and Evans, has increased the number of British factories it uses by 20% in the past year to 47 from a negligible base several years ago.
Cutting his dependence on overseas manufacturing centres such as China, where costs are rising, Sir Philip told the Mail on Sunday that UK manufacturing gave the company a "different capability".
The use of manufacturing closer to home allows big retailers to bring in the latest designs more quickly, whereas it can take six months to design, manufacture and transport clothing from China.
Rising labour costs and the declining price advantage of buying from the Far East have helped reverse the shift to low-cost factories abroad.
Sir Philip said: "We've been pushing to see what we could do to keep it nearer home. This is something we are permanently looking at, every day, every week. UK manufacturing gives us a different capability."
The textile and clothing industry is thought to employ about 10,000 people in the UK.
related stories on msn
1Comment
17/10/2012 10:01
Sir Philip Green might have said and done things in the past we dont agree upon. Fact of the matter is he is right:
yes it is cheaper to produce in Asia but if companies calculated the costs of travelling of the people designing, developing, sourcing and controlling these garments the unit price of each garmet would be MUCH HIGHER. Each time 1 person goes over seas it cost about 1500£ all included now divde this into the number of garments made and you will see the price rising.
Often when using local factories the quality is high and there is not need for people going for quality control.
I believe that if companies make the complete calculation of cost for garments made in Asia versus EU many more would come back.
Simone Eberth
Report
Are you sure you want to delete this comment?
latest money videos
more on msn money
Avoid these mistakes if you want to lead a richer life!
Save regularly to nab a leading easy access ISA rate from Newcastle Building Society and the chance to earn up to £1,000 cashback.
Barclaycard is now offering a record 27 interest-free months to pay off your debts.
The taxman says three and a half million people are due a refund, but two million will have to fork out for underpaid tax.
Fed up with low savings rates and high borrowing rates? As Dave Fishwick and his Bank of Dave has demonstrated, there are other options out there.
If you want to find a unique property bargain, there is plenty of help available online - you just need to know where to look.
US couple have found an innovative solution to the problem of sky-high house prices.
The two banks have now joined the Post Office's banking network, meaning customers can make withdrawals and deposits at branches around the UK.
Get 5p off per litre of fuel at Shell, broadband from £2 a month and more in our latest discount and freebie round-up.
Lifestyling is supposed to mean that your pension pot becomes more secure the nearer you get to retirement. Yet your pension provider might be switching you to overpriced and therefore riskier investments.
If you want to borrow a larger sum of money and repay it over time, a conventional personal loan is not always your best option.
