The Foundational Economy: Influencing Economic Policy and Practice in Wales

Narrative

The foundational economy approach, devised by Professors Froud, Moran and Williams at Alliance Manchester Business School, has re-focussed Welsh Government policy and practice onto the provision of essential services provided by local firms. In 2019 the Welsh Government established a Ministerial Advisory Board on the Foundational Economy to advise Welsh Ministers on policy interventions and good practice and promote non-government initiatives that put into action foundational economy principles. This was backed by the Welsh Government’s Foundational Economy Challenge Fund, which has to date distributed GBP4,350,000 to 52 local innovation projects across Wales with further significant investment pending in the Cardiff city region. The foundational economy approach devised by the Manchester researchers has become an important part of how the Welsh Government is implementing its new Economic Action Plan.

Impact date	2015
Category of impact	Political impacts, Societal impacts
Impact level	Benefit