Cross-sector report calls for bold policy reform to fix UK economy
As the recession-hit economy and imminent General Election pile pressure on this week’s Spring Budget, a cross-sector report launched today in Parliament by the Future Economy Alliance calls for a dedicated UK Government Minister to overhaul economic policy.
Bold policy measures to reshape the national economy are detailed in a new Business Plan for Britain* from a growing partnership of almost 30 mission-led organisations who believe that profits must also benefit people and planet**. An estimated four million (around 10% of the UK workforce) are employed in such organisations***, making a huge economic contribution**** and representing a significant voter base in an election year.
The Future Economy Alliance is calling on the UK Government to appoint a dedicated Minister who can drive cross-departmental strategy to unleash the full potential of mission-led business. Its newly published ‘Business Plan for Britain’ recommends policy interventions ranging from tax incentives to corporate governance reform that could be implemented to build a stronger, fairer and more sustainable national economy.
With public services from healthcare to housing and energy to water struggling to meet demand and maintain quality, the Alliance’s Plan highlights the ways mission-led organisations can deliver better and demands an end to profiteering private providers in state-funded contracts.
To reignite the Levelling Up agenda, the Alliance’s Plan urges tackling inequality by devolving local economic power to communities; this could include legislation giving people the right to buy local community assets, shape local public services and influence local spending, as well as support for mission-led organisations through local ownership hubs.
As the rapid rise of new technologies looks set to aggravate workforce skills shortages, the Alliance’s Plan recommends a National Data Strategy to not only harness but share the benefits of emerging tech, unlocking growth and empowering workers so that nobody is disadvantaged by this ‘fourth industrial revolution’.
Given the growing climate crisis, the Alliance’s Plan details how mission-led models offer green solutions that work at scale and pushes for a people-powered transition to help deliver Net Zero, with proposals ranging from a Well-Being of Future Generations Act to reforming critical infrastructure and access to green investment.
Ultimately, the Alliance’s Plan details how government and business can work in partnership to put mission at the heart of our national economy, with more organisations driving social and environmental benefits alongside financial profit.
Arvinda Gohil OBE, chair of the Future Economy Alliance, said: “The UK economy is broken: nothing works anymore, we’re struggling through crisis after crisis, and people are losing faith in our leaders to fix this – but we can fix this. Let’s fix our economy and let’s fix our future.
“Millions of people across the UK work in mission-led organisations that show us the way to build a stronger, fairer, greener economy; we just need those in power to unleash the full potential of our movement, so that more businesses can put a mission at their heart, and this way of working becomes the national norm. With government and business working in partnership, we can build an economy where all of society profits.”
Lord Victor Adebowale CBE added: “It’s exciting to see champions of change coming together from all business sectors across the UK, united in the work to fix our economy. As a mission-led entrepreneur myself, I hope this message will ring loud and clear in the halls of Westminster: Business as usual isn’t working; we need a new business plan for Britain.”
For more information on the new Business Plan for Britain report and wider Future Economy Alliance campaign, visit www.futureeconomyalliance.co.uk and follow @FutureEconomyUK.