News | 17 April 2023
Research conducted by Cardiff Metropolitan University, Swansea University and University of Central Lancashire was recently included in the Welsh Government Minister for Economy, Vaughan Gething MS’, cabinet statement.
The study, ‘A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales’, which focuses on support for the Foundational Economy (FE) in Wales, explored how to effectively enhance the FE capability of public service practitioners and learn lessons from the celebrated Preston Model (PM) – a model which aims to retain wealth within the city and the region to benefit citizens.
Dr Gary Walpole, Project Director, Cardiff School of Management has been leading on the study: “Historically the FE has been marked by low-tech and low-wage employment. The study suggests that implementing FE principles will enable Public Service Organisations to support regional and national (Wales) development of this sector and retain a greater proportion of wealth in Wales.”
The Foundational Economy (FE) in Wales provides everyday goods and services on which we all rely to ensure our health and wellbeing. Care and health services, food, housing, energy, construction, tourism and retailers on the high street are all examples of the FE.
Vaughan Gething MS said: “It has provided us with a better understanding of current FE capability across the public sector and attitudes towards FE adoption. This is helping to shape our FE capability programme to ensure we provide the right tools and support to practitioners so that strong and vibrant FE sectors can be nurtured and accessed, improving wellbeing for the citizens of Wales.”
The results from the study have now been shared with Welsh Government and will be used to inform how to support stakeholders and the type of interventions required moving forward.
The report was also launched at the inaugural Regional Innovation & Regeneration Centre open seminal on 30th March.
Read the full written cabinet statement.
The full study, ‘A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales’ is also available.