The Labour leadership is resisting calls to close a tax loophole used by Shein as the party seeks to encourage the controversial Chinese-founded fast fashion company to float in London.
Tax campaigners and some retailers have urged Labour, which looks likely to win the UK general election on July 4, to crack down on Shein’s use of the loophole — but the party said it had no plans to do so.
The planned flotation, which could fetch a valuation of about £50bn, is likely to become a big test for a new Labour government as the party seeks to juggle its centre-left ethics with its attempt to burnish its pro-business credentials.
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