Aldersgate Group defines “Economy that Works”

A coalition of some of the UK’s biggest businesses has backed a new macro-economic roadmap for Britain by launching a campaign called “An Economy That Works”.

In a new report, Aldersgate warns that the UK economy risks becoming detached from the long-term needs of society because a focus on GDP growth alone won’t define a path to lasting prosperity.

The Group reckons that an economy that works for the UK is one that will be low carbon, will deliver high employment and equality of opportunity, and place wellbeing and regard for natural resources at its core.

Launching the campaign, Sir Richard Lambert, former Financial Times editor and former Director-General of the CBI, says: “Single-issue policymaking is struggling to address the complex social and environmental challenges of our time.  The Economy that Works coalition has a relentlessly positive vision and its systemic blueprint for creating decent jobs, delivering equal opportunity, and enhancing wellbeing across the UK is exciting and galvanising.”

Peter Young, chair of the Aldersgate Group, adds: “Despite encouraging UK growth figures, we risk getting stuck with reduced wellbeing, rising inequality, continued loss of natural capital and rising resource pressures. Policymakers urgently need to look beyond GDP to define successful growth – setting far more coherent policy goals which strengthen the links between our economy, our society and the environment.”

Aldersgate Group members include Aviva, BT, Kingfisher, M&S and Sky.