Home Business News Reynolds insists Shein will meet ‘ethical and moral targets’ if it lists on London Stock Exchange

Reynolds insists Shein will meet ‘ethical and moral targets’ if it lists on London Stock Exchange

8th Jul 24 9:24 am

The Business Secretary Jonathan Reynold’s has insisted that is the fashion retailer Shein is to list on the London Stock Exchange then it will meet “ethical and moral targets.”

Reynold’s said that Shein will meet this on all “aspects of business” should it make a listing, he added that he has concerns over a “loophole” that will allow companies to avoid import tax duties by sending parcels direct to the customer.

Speaking to Times Radio, he was asked if he would welcome Shein listing in the UK, “I would because where any company is active in the UK, our aspiration should be that we regulate that company from the UK.

“That’s how we make sure that there are not things going on in terms of Labour practices or tax practices or environmental things that we’re not happy with.

“To be absolutely clear, if any company had forced labour in its supply chain it shouldn’t be doing business in the UK at all, it shouldn’t be a question of where it lists.

“But where companies are active in the UK, the best way we make sure they hit the standards we want to see is for them to be regulated from the United Kingdom and therefore if a listing was to be made, I’d want that listing to be here in the UK.”

He added, “Any publicly listed company in this country has to hit very high standards in terms of the disclosure of their working practices.

“I’d absolutely say that no listed company in the UK should have any kind of forced labour in its supply chain and should be meeting exactly the ethical and moral targets on tax and all aspects of business.”

Asked if Labour will close the tax loophole, Reynolds told Times Radio, “I would expect every company in the UK to pay its fair share of tax.”

When asked again, Reynolds said, “I am concerned about that particular loophole and will certainly be something I would want to be talking to them about if they were considering further business activity in the UK.”

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