“Every £1 spent with a local supplier is worth £1.76 to the local economy, and only 36 pence if it is spent out of the area. That makes £1 spent locally worth almost 400 per cent more.”– New Economics Foundation
What is the foundational economy?
The foundational economy is the everyday economy of your local area: the necessary businesses that make a community thrive, such as hairdressers, taxis, builders, grocers etc.; and the public organisations that will always be there, like the council, health board and housing associations.
A strong foundational economy will see local businesses and public organisations working together, investing public funds back into the area.
In 2019, the Welsh Government launched the Foundational Economy Challenge Fund to strengthen the local economies in Wales. Practice Solutions Ltd. was awarded £99,000 to develop and launch Connect4SuccessRCT, an experimental pilot scheme to increase public sector investment in Rhondda Cynon Taf.
Our vision is to create a more collaborative community, businesses and public organisations working together to grow the local economy and provide vital services to the people of Rhondda Cynon Taf.
Who is Practice Solutions Ltd.?
Established in 1999, Practice Solutions Ltd. (PSL) supports improvement in social care, health and public services. PSL provides a range of services, including strategic support, workforce development, digital media and creative services.
PSL supplies the central co-ordinating administration for Connect4SuccessRCT. This includes identifying opportunities for members, offering support through the tendering process, providing coaching and mentoring to members, organising appropriate insurance and risk mitigation, promoting the scheme through publicity and communication, and general back office support.
We’re excited to work with people, businesses and public organisations across Rhondda Cynon Taf on this groundbreaking pilot.