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May 2024: Invest in childhood to unlock £45.5bn a year, says Princess of Wales’s taskforce - The Guardian

Report from group set up by Catherine says business can improve early years and benefit all of society. Business investment in early childhood could unlock £45.5bn in value a year for the UK economy, according to a report by a taskforce created by the Princess of Wales.

In the report, CEOs from eight leading companies urged “businesses of all sizes across the UK, to join us and help build a healthy, happy society for everyone”.

The report by the Royal Foundation Business Taskforce for Early Childhood, set up by the princess in March 2023, said the figure included £12.2bn from equipping people with improved social and emotional skills in early childhood, £16.1bn from reducing the need to spend public funds on remedial steps for adverse childhood experiences and £17.2bn from supporting parents and caregivers of under-fives who work.

The princess, who announced in March she was undergoing preventive chemotherapy after a cancer diagnosis, was said to be “excited” by the report.

A Kensington Palace spokesperson said the release of the report should not be seen as the princess returning to work, but she has been kept fully up to date and seen the report.

Taskforce members announced new initiatives including:

The Co-operative Group creating a specific early childhood fund as part of its unique apprenticeship levy share scheme, and committing to raise £5m over the next five years, creating more than 600 apprenticeships.

Deloitte focusing its ongoing investment in Teach First to include the early years sector for the first time, supporting 366 early years professionals in 2024.

NatWest Group extending its lending target for the childcare sector to £100m, launching an early years accreditation scheme to its staff and producing a financial toolkit for childcare providers to help them grow and succeed.

Ikea UK and Ireland expanding its contribution of support, design expertise and products for babies and young children to six new locations across the UK to help families with young children experiencing the greatest disadvantage.

The Lego Group donating 3,000 LEGO® Education Build Me “Emotions” sets, supported by training materials, to early years providers in the UK.

Iceland Foods providing learning, awareness and support in all 1,000 Iceland and The Food Warehouse stores by featuring emoji posters at a child-friendly height – a practical tool to help customers with young children and to create a space of understanding and support in stores.

Christian Guy, the executive director of the Royal Foundation Centre for Early Childhood, said it was a “rallying cry” to business leaders to “transform the way our country supports the vital early years”.

The princess, Guy said, “feels passionately about the transformational impact of getting this right, together with business, both for the current generation and many more to come. She is looking forward to seeing momentum grow in the coming months and years.” The work of the centre was “rolling on while she recovers”, he added.

The taskforce – comprising CEOs from the Co-operative Group, NatWest, Unilever, Ikea, Iceland Foods, Aviva, Deloitte and Lego – identifies five areas in which businesses can make the greatest impact for children under five, the adults around them, the economy and wider society.

These are: building a culture prioritising early childhood within businesses, local communities, and wider society; helping the 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; and supporting initiatives that increase access to quality, affordable and reliable early childhood education and care.

The authors are not lobbying the government for changes in policy, though the report has been briefed to No 10, the Department of Health and Social Care, and the Department for Education.

The report was not meant to be prescriptive, but rather a blueprint to start the conversation and encourage companies of any size to adopt initiatives, however small, its authors said.

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