The Foundational Economy

Part of 1. Questions to the Minister for Economy and Transport – in the Senedd at 2:09 pm on 20 March 2019.

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Photo of Lee Waters Lee Waters Labour 2:09, 20 March 2019

Yes, the Minister for Finance and I are working closely together on this. There's a review being carried out of the National Procurement Service and as we look to reshape that, we want to make sure that the principles of the foundational economy are embedded in what comes next, and we're talking to the public services boards about how they can pilot some different approaches, building on the experience of Preston and other areas where there's been—I forget the term they use. It's gone from my head—[Interruption.] Community wealth building—thank you very much—working closely with the Minister as well as the Finance Minister. [Interruption.] Absolutely—seamless. Community wealth building, which is a—. The two terms are used interchangeably—the foundational economy and community wealth building. Community wealth building has a slightly broader focus, because that can focus not just on procurement, but on property and workforce and other aspects that will be different to different areas.