Tag: Economic Strategy

Wellbeing economy toolkit to support local authorities

Roadmap to ‘fair, green prosperity for communities and regions’

Improvements to health, tackling child poverty and reaching climate goals are at the heart of a toolkit to support local economies to be fairer, greener, healthier and more resilient.

The Wellbeing Economy Toolkit: Supporting place-based economic strategy and policy development enables local authorities to identify and measure local wellbeing metrics including health, child poverty, levels of greenhouse gas emissions and fair work, and prioritise investments and policies to improve them.

This will include:

  • the creation of more high quality, sustainable local jobs by using more local and regional procurement contracts
  • improved transport links to help people access services and work
  • better access to the natural environment, which leads to better mental and physical health

The Constitution Secretary announced the toolkit at the Wealth of Nations 2.0 conference at the University of Glasgow. He was joined by representatives from fellow Wellbeing Economy Governments (WEGo) of Finland and Wales to take questions from young people, five years on from the first conversations to establish the network.

Constitution Secretary Angus Robertson said: “The need for a new economic model has never been clearer, and that’s why I think the wellbeing economy approach is gaining so much interest, both here, and around the world.

“We see that in the growth of WEGo – the network of wellbeing economy governments – which began as a coalition of Scotland, Iceland and New Zealand. Since this event was last held in 2020, two more governments – Finland and Wales – have joined, and other countries including Canada are showing a growing interest.

“Creating a wellbeing economy remains a defining mission for the Scottish Government, and it is my firm belief that Scotland could use the powers of independence to achieve that aim more fully. 

“Building a wellbeing economy is a huge challenge for any country, at any time. The current crises we are facing make it harder, but they also underline why we need to make this transformation as a matter of urgency.”

Jimmy Paul, Director of Wellbeing Economy Alliance Scotland, said: “This practical new toolkit will be an invaluable resource for developing local economic strategies that really work for communities.

“Amidst the cost of living and climate crises, it’s never been more important that economic approaches start with the goal of ensuring we all have what we need to live good lives and protect the health of our natural world, rather than continuing to centre outdated metrics like GDP growth. The toolkit could provide a step-change in the way local economic strategies are delivered in Scotland.”

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Wellbeing economy toolkit: supporting place based economic strategy and policy development

Business calls for inclusive debate on economic strategy

ISSUED ON BEHALF OF CONCERNED BUSINESS LEADERS

We believe the Oxford Economics report, ‘Raising Scotland’s Economic Growth Rate’ underscores the need for inclusive debate across political parties, Government, trade unions, business, the third sector and the media, indeed all concerned parties, to determine a new economic strategy for Scotland.

Radical and ambitious policy changes are required if Scotland’s economic performance is to be transformed and significantly boosted within the next 15 years and there must be no sacred cows as we determine those changes.

We must, as a necessity not a choice, address Scotland’s low productivity, poor business birth rate and lack of success with scale-ups that mean Scotland’s GDP per head is a mere 44% of Singapore’s level, 48% of Ireland’s, 68% of Norway’s and 75% of Denmark’s.

As the report states “it is not realistic to think that the current economic policies of either the UK or Scottish governments will produce a transformation of Scotland’s economic performance”.

Hence we must act now, in collaboration not conflict, to support and deliver a strategy that takes us up the ladder of GDP and drives innovation and scaling not just within business but across the whole of the public sector.

Achieving significant growth in our GDP is not just in every single persons’ interest, it’s an imperative if we are to maintain and indeed enhance our public services and drive the jobs that are so desperately needed post-pandemic.

We owe it to our young people that we create a vibrant economy for them to inherit and we need to be exceptional custodians of Scotland’s future for their sakes. To do so we cannot simply do what we have always done, tinkering on the edges, Scotland needs to think big and it needs to think fast.

Our opportunity is our size, we are a speed boat compared to the super tanker economies and we are a nation that has historically invented the modern world, its not beyond our ken to do that again.

We implore a rational, national debate on our economic future to then deliver a strategy and an operational implementation plan for Scotland’s growth. 

Signed:

Andrew Parfery,          Company Director,     Caresourcer

Andrew Wilson,          Founding Partner,       Charlotte Street Partners

Carolyn Currie,            Chief Executive,          Women’s Enterprise Scotland

Chris Van Der Kuyl CBE,          Chairman,                   4J Studios

Claus Marquordt,        Co-Founder & CEO,     Integrated Graphene Ltd.

Colin Blair,                   Chairman,                   Buzzworks Holdings

Craig Letton,               CEO,                            MRM Global

Duncan Maclean,        CEO,                            Candle Shack

Ellis Watson,               Company Director

Fraser Edmond,          CEO,                            Broker Insights

Kieran Coyle,               Company Director,     Premiership Experience

Liz Cameron OBE,       Chief Executive,          Scottish Chambers of Commerce

Mairi Mickel,               Company Director and Family Business Adviser

Marie Clare Tully,        Chief Executive,          Columba 1400

Marie Owen,               CEO,                            LS Productions

Mark Beaumont BEM, Athlete, broadcaster, investor and author

Mark Scott,                 Company Director,     Bella & Duke

Paddy Burns,               CEO,                            4J Studios

Philip Ross,                  Company Director,     Safehinge Primera

Poonam Gupta OBE,   CEO,                            PG Paper

Ramin Golzari,            Company Director,     Highlander Outdoor

Ray Perman,                Chairman,                   Inner Ear Ltd

Robin Marshall,           CEO,                            Bain Capital

Ross Tuffee,                CEO,                            Iceberg.tech

Sandy Kennedy,          Chief Executive,          Entrepreneurial Scotland Foundation

Sara Thiam,                 Chief Executive,          Scottish Council for Development and Industry (SCDI)

Steven Easton,            Managing Director,     Green Home Systems Limited

Edinburgh’s economy: A tale of two cities

“The time has come to take a good look at why there are still people living in Edinburgh who are not sharing in this prosperity” – Councillor Gavin Barrie, Housing & Economy convener 

An Economy Strategy to tackle inequality and poverty in the Capital has been published by the city council. The draft strategy which will be considered by councillors at the Housing and Economy Committee on Thursday, recognises that although Edinburgh remains the second most prosperous UK city outside London, jobs growth alone has not been sufficient to tackle poverty and deliver sustained improvements in living standards for everyone. 

Consultation carried out with all political parties and businesses, as well as local communities and the third sector, revealed a consensus of opinion that Edinburgh’s economy should aim to create jobs and inspire innovation but that it should also do much more to ensure that the benefits of that prosperity are accessible to all residents across the city.

It has been created around three themes – innovation, inclusion and collaboration and includes ten steps to achieve this goal. The council alone cannot achieve this and needs ownership and leadership from other city partners such as the Edinburgh Partnership and Edinburgh Business Forum.

Cllr Gavin Barrie, Housing and Economy Convener, said: “Our Economy Strategy sees an important shift in the focus of our work to help Edinburgh’s economy to grow. It is going from strength to strength and has shown great resilience during tough economic times. The time has come, however, to take a good look at why there are still people living in Edinburgh who are not sharing in this prosperity. 

“We need to grow our economy so that it is fair in terms of wages, opportunity, access to housing, education and good careers. Much of that work has already started through our commitment to build 20,000 new affordable homes in the city and the £1.1b Edinburgh and South-East Scotland City Region deal, which will provide £300m for world leading data innovation centres, £25m for regional skills programme to support improved career opportunities for disadvantaged groups and £65m of new funding for housing to unlock strategic development sites.

“The strategy also fits in well with the most recent Scottish Government Economic Strategy and UK Industrial Strategy, both of which have placed increasing emphasis on the need for inclusive growth for our economy.

“Locally, the strategy also represents one of the first major practical steps towards achieving the City Vision for 2050 that we have been developing with contributions from people across the city since September 2016.”

Hugh Rutherford, Chair of the Edinburgh Business Forum, said: “To stay ahead of our global competitors, Edinburgh needs a laser focus on our world leading sectors – financial services, tech, life sciences, creative industries and tourism.

“But we need more than sectoral growth – we need responsible and sustainable ‘good growth’, making sure everyone benefits in a way that’s not happened before. Crucial to the success of this will be the private sector, all levels of education, and the third and public sectors working together to achieve this common goal.”

Ella Simpson, Chief Executive, Edinburgh Voluntary Organisations’ Council, said: “I am pleased the Strategy explicitly acknowledges poverty and inequality in the City and highlights actions which aim to reduce the impact on people’s lives.  The strategy needs to recognise the existing communities and people as the bedrock for fair growth in the city and it is important that we provide support to business, from all sectors, to be the best employers they can be.” 

The Strategy’s ten steps, which all have their own actions plans.

  • Establish Edinburgh as the data capital of Europe.

  • Develop Edinburgh as a city of resilient businesses with the space to grow.

  • Create a step change in the growth of green and socially responsible business in Edinburgh.

  • Deliver new approaches to tackling the barriers that reinforce worklessness, poverty and inequality.

  • Reform Edinburgh’s education and skills landscape to meet the needs of our changing economy.

  • Deepen our relationships with employers to unlock good career opportunities.

  • Create a transformational city centre fit to power Scotland’s economy.

  • Build a world class Waterfront, and deliver business and residential growth in West Edinburgh.

  • Build affordable places for people to live and work.

  • Deliver sustainable and inclusive growth in our world leading culture and tourism sectors.