Businesses urged to support young families and boost economy – Princess of Wales's taskforce

Prioritising early childhood for a happier, healthier society sets out how a greater focus on early childhood would create a happier and more productive workforce, and transform the health and wellbeing of the UK economy and society for generations to come.

It calls on businesses to invest in supporting families with young children by providing flexible working hours and supporting families with childcare challenges, such as offering childcare benefits packages.

Alongside the launch of the report, the Taskforce of eight leading businesses including IKEA and Deloitte, is investing in new initiatives, including funding for early years apprenticeships and leadership programmes; increased support for baby banks and free LEGO® Education Emotions resources for early years providers.

The taskforce, launched by the Princess of Wales last March, sets out critical role that businesses can play in this ‘transformative opportunity’.

It estimates savings of £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.

Some of the most vulnerable groups stand to benefit the most, including the 36 percent of children under five years of age who are living in relative poverty, and 59 percent of parents who have left or are leaving their job due to personal mental health and wellbeing-related issues.

The report acknowledges the economic impact of un‑ and underemployment of parents and caregivers of under‑fives, citing it as ‘attributable to a lack of access to suitable early care and education services’ and describing it as ‘one of the key elements of the total economic opportunity for the UK’.

It says that the impact of better supporting women with dependent children under five to work their preferred hours is estimated to be ‘approximately £17.2 billion in value added each year’.