, MS, Cabinet Secretary for
Economy, Energy & Planning: I am pleased to announce that the
Welsh Government is releasing a new Mission Statement in
relation to our activities in the Foundational Economy. This
responds to stakeholder feedback and clarifies the Welsh
Government's aims, actions and activities to ensure a fair and
prosperous economy throughout the country.
Wales' focus on the Foundational Economy is a unique approach
which measures economic decision making against its impacts on
the climate and our communities. Its emphasis on economic and
social resilience is an advantage in times of global economic
uncertainty.
We use the term ‘Foundational Economy' to refer to the sectors of
the economy that provide the goods and services that underpin
everyday life. The Welsh Government is building a resilient
society by focussing on improving these sectors, including the
goods, services and jobs that they provide.
The Foundational Economy sectors in Wales are care and health
services, the management of social housing, construction of
residential and commercial buildings, energy and utilities, food,
high street retail and services, tourism, and public
transport.
Through our work in the Foundational Economy we aim to improve
‘household liveability', which is the amount of money people have
left after spending on essentials. To this end we encourage our
Fair Work practices, for instance through promotion of the Real
Living Wage. We also seek to do this by growing local supply
solutions aimed at easing affordability of foundational goods and
services, to ensure that they are accessible to everyone.
A core feature of our Foundational Economy approach is building
local supply chains in foundational sectors, to keep people,
skills and wealth in Wales. This goes hand in hand with
decarbonising our energy system and addressing the climate and
nature emergency.
It is also about encouraging experimental and innovative
approaches. We want a diversity of providers of foundational
services, including cooperative and community-owned models. This
helps build resilient social – as well as physical -
infrastructure.
To underpin the Mission Statement, a set of metrics linked to
relevant Wellbeing of Future Generations Act national indicators
will be made available in due course. These metrics will support
engagement with our Foundational Economy approach and will allow
us to track progress against our objectives.
