Investing in early childhood could generate at least £45.5 billion every year, according to the Royal Foundation Business Taskforce for Early Childhood.
A report published by the taskforce sets out how this added economic value would include £12.2 billion from improved social and emotional skills, £16.1 billion on reversing public spending to manage adverse childhood experiences, and £17.2 billion from supporting working parents and caregivers of under-fives.
The taskforce was established in March 2023 by the Princess of Wales and is comprised of Aviva, The Co-Operative, Deloitte, Iceland Foods, IKEA, LEGO, Natwest and Unilever. These members are each committed to their own initiatives that invest in early childhood.
All members have also committed to continuing to work with The Royal Foundation Centre for Early Childhood and supporting Shaping Us, The Princess of Wales’ campaign to raise awareness about the vital importance of the first five years of life.
The Royal Foundation Centre for Early Childhood report calls on businesses to play an active role in achieving the goals for children under five and the adults around them. It asks businesses to prioritise early childhood, help families access basic support, and offer parents and carers support and flexibility with work.
To coincide with the report, The Royal Foundation Centre for Early Childhood have released a business-focused area on their website with more information and resources.
‘Some of the most significant businesses in Britain have joined forces to deliver a major rallying call,’ said executive director of The Royal Foundation Centre for Early Childhood Christian Guy. ‘Whether it is helping families access the support they need, prioritising the social and emotional wellbeing of children and the adults in their lives, or building a culture that prioritises early childhood, business has a significant part to play.’
In a statement, the eight Taskforce members said:‘If we get this right, the results for business, for the economy and for society are clear for all to see: a happier, more productive workforce today; a future workforce equipped with the skills needed to deal with all the complexity and challenges of the modern world, and £45.5 billion in value added for the national economy each year.
‘We hope this report will encourage businesses of all sizes, across the UK, to join us and help build a healthy, happy society for everyone.’ The full report can be found here.
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