Early years business investment could boost economy, royal report finds
Joe Lepper
Wednesday, May 22, 2024
Investment by the private sector in the early years could add “at least £45.5bn in value” to the UK economy each year, according to research published by the Prince and Princess of Wales’s charity.
This total includes £12.2bn by investing in young children’s improved learning and social skills for later life, saving £16.1bn in further support as they grow older, and £17.2bn by helping parents and carers access employment opportunities.
The Royal Foundation of the Prince and Princess of Wales report is calling on businesses to invest in schemes that increase access to “quality, affordable and reliable” childcare and improve young children’s social and emotional skills.
Members of a business taskforce, set up last year by the charity’s Centre for Early Childhood unit, are among firms to already pledge action.
This includes the Co-operative Group creating a specific early childhood fund as part of its apprentice levy scheme.
The LEGO Group is donating 3,000 education sets to early years provider, and the NatWest Group is extending its lending target for the childcare sector to £100 million.
Others involved in the charity’s taskforce include Aviva, Deloitte, Iceland Foods, IKEA and Unilever UK.
Today, The Royal Foundation Business Taskforce for Early Childhood is delighted to announce the publication of a report setting out the business case for prioritising early childhood. https://t.co/fWo4ANLUlE#CaseforEarlyChildhood pic.twitter.com/tKbZ2nBLJg
— The Royal Foundation Centre for Early Childhood (@Earlychildhood) May 21, 2024
“Some of the most significant businesses in Britain have joined forces to deliver a major rallying call to their fellow business leaders to prioritise young children and those who care for them – for the good of our society and economy,” said Christian Guy, executive director of the royal charity’s centre for early childhood.
The report has been welcomed by early years leaders, including Early Years Alliance chief executive Neil Leitch, who said it is “extremely positive to see the businesses in this taskforce come together and highlight just how far reaching the benefits of early education truly are”.
“On top of this, we welcome the initial steps that businesses within the taskforce have taken to ensure that early education is prioritised both within the workplace and the economy and we hope it inspires others to follow suit.”
He said that the report should act “as a reminder” to the government of the need to invest in early years.
“The benefits highlighted by the taskforce cannot come close to being realised without funding that reflects the cost of delivering high-quality early education, both now and in the future,” he added.
Purnima Tanuku OBE, chief executive of National Day Nurseries Association, said: “Measures in the report show some innovative approaches to supporting the sector from big employers and companies such as NatWest and Co-Operative including apprenticeship levy contributions that could help to bolster the workforce who are instrumental in educating and supporting the development of our youngest children.”
