Untold benefits for business and wider society when governments invest in ECEC

When the early years are prioritised, the broader economy benefits, a new report from the UK based Royal Foundation Business Taskforce for Early Childhood has found. 

 

Prioritising early childhood for a happier, healthier society  sets out the business case for investing in early childhood in the workplace, community and wider society, and continues the advocacy work of the Taskforce, which was established by The Princess of Wales in March 2023. 

 

Produced by Deloitte on behalf of the Taskforce, the report details how investing in early childhood could generate at least £45.5 billion (AUD$ 87.3 billion) for the national economy per annum.  

 

There are five areas identified in the report in which the business community could do more as a whole to make the greatest impact for children under five years of age, as well as wider society: 

 

• Building a culture that prioritises early childhood within businesses, local communities, and wider society.  
• Helping families facing the greatest challenges access the basic support and essentials they need.  
• Offering parents and carers greater support, resources, choice, and flexibility with their work.  
• Prioritising and nurturing social and emotional skills in young children and the adults in their lives.  
• Supporting initiatives which increase access to quality, affordable and reliable early childhood education and care.  

 

The report’s release was followed by the announcement of a number of new business initiatives for the early years sector, including funding for early years apprenticeships and leadership programmes, increased support for baby banks, and creating welcoming spaces for families with young children. 

 

Commenting on the report release Neil Leitch, CEO of the Early Years Alliance, said “we welcome today’s report from the Royal Foundation Business Taskforce, which further proves that investing in the early years is not just incredibly beneficial for the children who use it, but for wider society.”

 

“For far too long, early education has been dismissed as childcare and educators as simply babysitters. It is therefore 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.”

 

Access the report here.