The Brit’s are taking a cue from our successful CFDA/Vogue Fashion fund; Vogue UK and the British Fashion Council have teamed up for the sake of their country’s flourishing young design talent and formed the BFC Vogue Designer Fashion Fund.

Each year, the fund will award £200,000 to a fresh-faced designer, plus a mentor, to help him or her build a successful brand on “the international stage.”

Britain does, of course, already have similar programs. Topshop’s NewGen, which has sponsored Christopher Kane, Marios Schwab, Richard Nicoll, Louise Goldin, Henry Holland and so many more tends to scoop up the most talented, most broke of St. Martin’s talent and give them the perfect place to show, but the BFC/Vogue fund will have more follow through and individualized attention.

Next season’s buzz (too soon?) will surely revolve around Marios Schwab’s debut collection for Halston.

But there’s another Brit with exciting news — Richard Nicoll’s just been appointed Cerruti’s women’s wear designer.

The old Italian house, founded by Nino Cerruti (who’s still very much alive) in the late 50s (women’s came ten years later), was helmed by both Armani and Narciso Rodriguez before filing for bankruptcy. Nicoll told WWD that the brand, “has a strong DNA, and the brand speaks to what I do — elegant tailoring.”

He’s signed on to do three seasons, the first will show in Paris this February, and he’ll continue to show his eponymous collection in London.

Everyone’s always mumbling about when, someday, all the young Brits will eventually helm every major fashion house and each season, a step is taken in that direction.

Last season, one couldn’t squeeze into a show without being knocked around by a pair of expensive shoulders. Though the Balmain or Margiela or any shoulder interpretation of the two have stuck around here and there, SS10’s featured a healthy crop of anti-shoulders so far.

Designers ranging from Richard Nicoll to the team at Topshop, from Australian Josh Goot to the Brooklyn based Vena Cava girls, haven’t just ignored shoulder pads, they’ve actually cut out the shoulders of their tops and dresses. Julien Macdonald placed extra larges slits at the shoulders of his slashed dress and Osman Yousefzada cut the shoulders out of a handful of looks in his all-white collection.

Will it knock its opposite off the runways? All eyes on you Carine.

One person can only cover so much of London Fashion Week, so check out The Daily, from the Rubbish team, for runway highlights, cooking class with Richard Nicoll, backstage photos, Somerset House street style & more.

In Vogue: We’re a sucker for epic young Hollywood portfolios in any magazine, but Teen Vogue’s is always styled best and has the most fashion - this time around that includes Alia Shawkat, maybe better known as Maeby Fünke, who happens to be co-hosting Rachel Antonoff’s SS10 presentation. {TeenVogue}

London Bound: Christopher Bailey talks to Hilary Alexander about what it means to show Burberry in London and how he may seem laid back, but is actually “very German” in his methods. {Telegraph}

Play Catch Up: Richard Nicoll tells Grazia about the calm before the Fashion Week storm. He doesn’t believe in guilty pleasures, just pleasure. As if we needed more reasons to adore him. {Grazia}

Lily Allen’s landed the cover of ELLE UK’s October issue in honor of the 25th anniversary of London Fashion Week.

They’ve put her in a blond wig and custom outfits by Brit designers including Richard Nicoll, Stella McCartney, Burberry and Giles. The crystallized, body con Louise Goldin’s her favorite.

In this behind the scenes video, which also features photographer Rankin talking about how “uber-cool” Lily is, she says she’s never really been into the whole Kate Moss, Sienna Miller thing and jokingly claims Alexa Chung’s her London Style Icon.

It’s the graphic rock star make-up we really couldn’t take our eyes off of though.

Six Scents, the fragrance collaboration spearheaded by Givaudan and Metaproject and curated by Seven New York’s Joseph Quartana, is ready to launch series two.

This year’s designers are Henry Holland, Phillip Lim, Richard Nicoll, Damir Doma, Henrik Vibskov and Toga, each of whom paired with an individual perfumer to create their perfect scent. I spent this morning with three of the noses and they discussed the collaboration process. Henry wanted something cheeky; he imagined a big purple couch, made of velour, for all his friends to hang out on surrounded by puppies. When his perfumer, Stephen Nilsen thought about making it unisex, Henry said, “Just lots of sex.”

I spent an inappropriately long time hanging out with British designers at the Centre For Fashion Enterprise pop-up showroom at the Soho Grand this morning.

With coffee in hand, I caught up with Hannah Marshall, Richard Nicoll, Jean Pierre-Braganza and the team behind Aminaka Wilmont - also, I got up close and personal with Anna’s favorite Meadham Kirchoff dress.

Let’s start with Hannah, the name on everyone’s lips this season. The tightly edited collection - her fifth, actually - includes armored dresses, textured pants and snakeskin harnesses. “I’ve just made this catsuit for Beth Ditto and it’s confirmed she’ll wear it in her new album artwork! Actually, she called me and was like, Can I order eight of them? Or no maybe like twelve?”

Post-Hannah, I literally fell into Jean Pierre-Braganza’s furs. The Canadian/Brit designer’s been showing in Milan for the past couple seasons and for Fall 09 he went with a futuristic Native American battle theme.

“It’s the first time I’ve done furs,” he said. “Saga sponsored me and the furs were really important to my design vision. I don’t think I actually thought they’d really sell so well but they’re doing amazing with buyers.”

“Is that often the case?” I asked.

“Yes!” he laughed. “Honestly I’m always surprised by what sells best. It’s kind of fascinating.”

That trend continued throughout the morning. Marcus Wilmont of Aminaka Wilmont said the exact same thing.

So, Henry thinks it’d “be ace” if you guys could swing by the Best of London Designer sale.

You probably don’t want to go out of your way just because Henry thinks it’d be swell.

But you’ll definitely want to go for his clothes, or maybe a severely discounted Jonathan Saunders dress or Richard Nicoll jacket? If we could book a flight to London, we’d hold out futile hope of snagging this Roksanda Ilincic gown. Or, if you can’t handle “the Alice” maybe you’d like a few pairs of her sister’s shoes since Charlotte Olympia will be there, too?

It’s like London fashion week all over again but so much better because you can buy the clothes for 50% off retail prices.

Oh, and if that’s not enough to make you line up early, some of the designers have actually made pieces just for this sale - as in, no one else will ever have them.

The things we’d do to be there…

This just in from London via The Daily (the new version of the Daily Rubbish, not to be confused with The Daily here):