Britain needs a ten-year National Prosperity Plan and all parts of the country need local prosperity plans to lead the economic recovery out of Covid-19 and support people in the transition to the jobs of the future, a group of business leaders has told the government.
The national and local plans are intended 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 proposals are contained in a report ‘Ambition 2030: A Partnership for Growth’ from the Covid Recovery Commission, chaired by John Allan, chairman of Tesco.
Under the plans there would be at least one new globally competitive industry cluster in every part of the UK by 2030, created primarily by harnessing the country’s research firepower with highly skilled workers, fast growing businesses, and domestic and foreign investment.
Collaboration would be ensured by building on existing local enterprise partnerships to create new local prosperity partnerships that bring together business, government, institutions and civic society around a common goal.
These in turn would develop initiatives such as catapult quarters, social value plans, community infrastructure endowment funds and local area energy plans.
The Commission also proposes a National Prosperity Scorecard to measure ‘levelling up’ against a set of social as well as economic indicators including physical and mental health, community resilience and transport connectivity, to be set by the government and then driven by local leaders. Local scorecards would facilitate local accountability.
(See Blog: Prosperity Plan Poses Problems)