Fashion
BCC urges bold Autumn Budget to boost UK competitiveness
The Autumn Budget must sharpen the UK’s competitive edge to stay ahead of the pack in an increasingly dog-eat-dog world, the British Chambers of Commerce (BCC) has said.
The BCC called for immediate action to cut costs deterring investment, simplify regulations to unleash business potential, and update the country’s strategic offer.
Among the recommendations in a new report, the BCC urged ministers to commit to no further increases in taxes that add to labour costs; axe the windfall tax on oil and gas to address energy costs for businesses and provide a clear strategy for the North Sea’s transition to a renewable future; prioritise further infrastructure investment to support growth; and boost economic diplomacy to unlock the full potential of ‘Brand Britain’.
The report, produced by the BCC’s Global Britain Challenge Group, draws on expertise from businesses, academics, and think tanks. It highlights how the UK has fallen in global competitiveness rankings from the ninth-most competitive nation in 1997 to twenty-ninth today.
“If the UK economy is not competitive then it cannot grow. Our slide down the rankings has been driven by increasing volatility on tax and regulation which has led to an inexorable rise in the cost of doing business. There is also growing speculation about what’s coming in the Autumn Budget, which is still weeks away. But the Budget can be the decisive moment we need to back British business and put the economy on the front foot,” said Shevaun Haviland, director general of the British Chambers of Commerce.
This decline comes at a time when international trade has been upended, and geopolitical upheaval is prompting nations to reassess their strategic business alliances. Against this background, the BCC stressed that it is more important than ever for the UK to stand out from the crowd.
With more than forty recommendations in total, the report also calls for a revamp of business rates, a moratorium on new corporate reporting standards that could impact the UK’s investment appeal, and an annual audit of the country’s competitiveness.
“The UK is bursting at the seams with innovative ‘can-do’ businesses, that are eager to grow and make the most of the UK’s extraordinary talent, creativity and technical expertise. Adopting even a few of this report’s recommendations will make a positive difference but delivering all of them would power the economic growth our people and businesses deserve,” Haviland added.
The British Chambers of Commerce (BCC) has urged the UK government to use the Autumn Budget to boost competitiveness by cutting investment-deterring costs, simplifying regulations, and scrapping the windfall tax on oil and gas.
It warned the UK’s global ranking has slipped from ninth to twenty-ninth and called for reforms to drive growth and back British business.
Fibre2Fashion News Desk (HU)
The Union Minister of State for Textiles Pabitra Margherita inaugurated the 4th Global Cotton Conference in New Delhi on October 7. Margherita also released a White Paper on Cotton titled ‘Cotton 2040: Shaping the Future Through Technology, Climate Resilience and Global Competitiveness’ jointly developed by the Confederation of Indian Textile Industry (CITI) and the Indian Chamber of Food and Agriculture (ICFA) on the occasion.
Union Minister of State for Textiles Pabitra Margherita inaugurated the 4th Global Cotton Conference in New Delhi on October 7, releasing a White Paper titled ‘Cotton 2040.’
Organised by CITI, the Ministry of Textiles, and CCI, the event highlighted India’s leadership potential in cotton, focusing on technology, sustainability, and competitiveness.
The 4th Global Conference is being jointly organised by CITI, the Union Ministry of Textiles, and the Cotton Corporation of India as part of the World Cotton Day 2025 celebrations. The theme of the Conference is ‘Cotton 2040: Technology, Climate & Competitiveness’.
The International Labour Organization (ILO), the Cotton Textiles Export Promotion Council (TEXPROCIL), and CITI-CDRA are supporting the program. The Indian Chamber of Food and Agriculture is the Knowledge Partner.
In 2021, the United Nations General Assembly officially recognised October 7 as World Cotton Day in recognition of the vital role played by cotton in society.
In his address, Margherita said India must strive to attain leadership position in quality, sustainability, and ethical production. The Kasturi Cotton initiative has the potential to contribute immensely to the ‘5F’ (farm-fibre-factory-fashion-foreign) vision of the Government, he pointed out.
The Minister said India and Russia could forge deeper ties in the textiles and apparel arena. He added that the government was committed to the welfare of farmers.
CITI chairman Ashwin Chandran said India has the potential to dominate the global cotton economy. Cotton Corporation of India CMD Lalit Kumar Gupta stressed on the need for improving the yield of the Indian cotton sector. He added that there was a need to accord more focus on innovation, improved farm practices, and the use of technology.
TEXPROCIL vice chairman Ravi Sam said cotton remains a pillar of India’s textile sector. He said that 63 per cent of India’s apparel exports are cotton-based.
Textile Commissioner Dr M Beena reiterated that a focus on technology and innovation is the need of the hour. Federation of Seed Industry of India vice chairman Dr Rajvir Singh Rathi highlighted the role of the seeds ecosystem in the development of India’s textile sector.
Cotton Analytics global consultant Dr Terry Townsend underlined the importance of the cotton sector in the global economy and how greater use of technology could mitigate the impact of climate change.
CITI deputy chairman Dinesh Nolkha delivered the Vote of Thanks at the session.
Cotton is one of the most important commercial crops cultivated in India, lies at the heart of the country’s textile ecosystem, and is a source of livelihood for millions of farmers and those engaged in related activities. However, the cotton sector in India lags in productivity compared to many of its peers, CITI said in a release.
For the benefit of lakhs of cotton growing farmers, India’s FY26 Budget had announced a ‘Mission for Cotton Productivity’. “This 5-year mission will facilitate significant improvements in productivity and sustainability of cotton farming and promote extra-long staple cotton varieties. The best of science & technology support will be provided to farmers. Aligned with our integrated 5F vision for the textile sector, this will help in increasing incomes of the farmers and ensure a steady supply of quality cotton for rejuvenating India’s traditional textile sector,” Union Finance Minister Nirmala Sitharaman had said in her Budget speech.
Fibre2Fashion News Desk (HU)
By
Reuters
Published
October 8, 2025
IKEA has acquired U.S. logistics technology firm Locus, the two companies said on Tuesday, a deal the Swedish furniture retailer said would make its deliveries to shoppers smoother and faster as it invests to expand online sales.
The takeover is in addition to a $2.2 billion push by Ingka Group, the biggest global IKEA franchisee, in the U.S. where it competes with Wayfair and Walmart and is also contending with higher tariffs on imports that are increasing its costs.
IKEA declined to disclose the value of the deal. Locus was valued at $300 million in its most recent funding round in 2021, according to reports at the time.
IKEA said acquiring Locus would simplify its logistics and reduce its delivery expenses by an estimated 100 million euros ($117.41 million) a year globally.
Locus uses artificial intelligence to group orders and predict routes that minimize the time delivery vehicles spend in traffic, a planning process that is currently done manually by IKEA workers, Parag Parekh, chief digital officer at Ingka Group told Reuters in an interview.
Locus will also enable IKEA to offer customers more delivery windows and options, and give live updates on where their package is, as well as delivering faster, Parekh added. It will likely pilot the technology in the U.S. and UK before using it globally.
“Speed is one aspect of it, but more importantly for us, it will be the flexibility, it will be the ability to track… and more importantly, through all of this, help drive a better customer experience,” he said.
Locus’ shareholders included Singapore’s sovereign wealth fund GIC and private equity firms Alpha Wave, Tiger Global, and Qualcomm Ventures prior to the all-share acquisition by Ingka Investments, the retailer’s investment arm.
Under the deal, Locus will operate independently and continue to work with clients beyond IKEA.
Known mostly for its bright blue big-box suburban stores showcasing sofas, beds and bookcases in a labyrinth layout, IKEA has shifted focus onto its online business over the past five years and invested in smaller city-centre stores as it targets younger and more urban shoppers.
Online sales accounted for 28% of total IKEA retail sales in its 2024 financial year, up from 11% in 2019.
The acquisition comes just a week after Ingka Investments bought a building in Manhattan for $213 million, pushing ahead with U.S. expansion despite President Donald Trump imposing higher tariffs on furniture imports.
“In terms of the macroeconomics around us … probably there’s uncertainty on the quarters ahead,” Parekh said. “But as a company we remain committed to the U.S.”
© Thomson Reuters 2025 All rights reserved.
Published
October 7, 2025
Nordstrom announced on Monday plans to open a Nordstrom Local store in San Francisco, serving as the department store chain’s first location in Northern California.
Located at 1919 Fillmore Street, the new Nordstrom Local Fillmore store spans 1,750 square feet and offers services seen across the Seattle-based retailer’s seven other Local stores, four of which are in California.
This includes online order pick up, alterations, local styling available by appointment, gift wrapping, clothing donation drop-off, and BeautyCycle, where shoppers can bring in empty beauty packaging to be recycled for free.
“We’re excited to open our first Nordstrom Local in Northern California. We’ve heard from our customers in the area that they want services such as online order pickup, returns and alterations closer to where they live and work,” said Fanya Chandler, president of Nordstrom stores.
“We hope our new Nordstrom Local will make accessing these services easier and look forward to serving customers at this location.”
The new Nordstrom Local Fillmore opens its doors on October 9.
Earlier this year, Nordstrom Inc. announced the appointment of Kelly Dilts to the role of chief financial officer, effective August 29.
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