Latest News Wed, Apr 28, 2021 7:57 AM
Some of the UK’s leading business figures have set out the blueprint for a National Prosperity Plan to help create globally competitive industries in every part of the UK, deliver on the government’s net zero commitments and reduce the economic and social inequalities that have been widened as a result of the pandemic.
The Covid Recovery Commission of 10 business leaders, including Chairs and Chief Executives representing AstraZeneca, Heathrow, Vodafone, Shell and Tesco, has published a major report today, ‘Ambition 2030’: A Partnership for Growth’.
The paper argues that, “the pandemic has had a bigger impact on our economy than any event in the last 300 years.” Analysis by the Commission reveals that the pandemic has exacerbated existing inequalities with unemployment, mortality rates and mental health cases rising fastest in the most deprived communities across the UK. It also shows that 18% of the most deprived people – 1.15 million people – in the UK are living in local authorities with the highest economic output.
The report sets out the case for a new compact between purpose-led business, government and civic leaders to deliver real and lasting change in every part of the country. Key to the Prosperity Plan is the creation of a National Prosperity Scorecard. This would set specific metrics against the Government’s ‘levelling up’ plans to assess and track progress on a key set of social as well as economic indicators including employment and benefit dependency rates as well as health and educational outcomes. Local leaders would also be tasked with developing their own Local Prosperity Plans to help drive growth in every part of the UK.
John Allan, Chair of the Covid Recovery Commission, said: “A National Prosperity Scorecard will be key to evaluating the success or failure of local plans to level up communities.
“By looking beyond purely economic measures, it could also act as a vital warning light for local communities.
“Measures on the scorecard should include issues which are important to families such as mental and physical health, community resilience and transport connectivity. They should be set by central government but then it should be up to local leaders to drive local action.”
The Commission’s final report, which has been authored by WPI Economics, is the culmination of 10 months’ work, where the group consulted over 100 public policy specialists, academics, business groups as well as representatives from the devolved nations and each of the 8 Combined Mayoral Authorities. The report includes a package of further policy recommendations including:
Responding to the CRC’s report, Tony Danker, CBI Director General, said it supported many of the conclusions reached by the Commission in what is clearly a thoughtful piece of work.
“We’ll also look to draw on and incorporate some of the key recommendations when we release our own economic strategy in the weeks ahead,” he continued.
“The Commission’s findings provide yet another proof point of a growing consensus in the business community for industry and government to work together to take on the biggest issues we face.
“Business stands four-square on the need to create a fairer, more resilient economy post-Covid and to accelerate the race to net zero.”
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