Blaenau Ffestiniog and the Foundational Economy

Analysis

BBC

Government, Politics, News

4.6 • 1K Ratings

🗓️ 6 February 2023

⏱️ 29 minutes

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Summary

In the search for stability and growth, policy and debate often focuses on looking for multi-million pound inward investment, or industries with big ideas such as technology and manufacturing. But these businesses, which often rely on sophisticated technology to produce tradeable and exportable products, only make up a small proportion of the UK economy. Instead the “Foundational Economy” - things like food production and processing, retail, health, education, housing and welfare, contribute to a much larger proportion of spending. They account for around four in ten jobs and £1 spent in every three in Wales. Wales has been a global pioneer in supporting the “mundane” but crucial Foundational Economy, shaping policies around it. They’ve establish a dedicated ministerial board, and have a £4.5m fund, supporting a series of experimental projects testing the importance and potential of the Foundational Economy. But can it ever be big enough or bold enough to transform the state’s finances? Clare McNeil visits the former Slate mining capital of the world - Blaenau Ffestiniog - to investigate whether these projects can provide sufficient stability and growth, and if the rest of the UK should focus on the mundane to develop the economy.

Presenter: Clare McNeil Producer: Jonathan IAnson Editor: Clare Fordham

Transcript

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0:00.0	Just before this BBC podcast gets underway, here's something you may not know.
0:04.6	My name's Linda Davies and I Commission Podcasts for BBC Sounds.
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0:36.0	BBC Sounds.
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0:41.0	Thank you for listening to this edition of Analysis, the podcast that looks at the ideas behind the news.
0:47.0	In this episode, Presenter Claire McNeil travels to Bliner Festiniog in Wales to find out if the foundational economy brings growth.
0:55.0	Unlike big businesses, which rely on sophisticated technology, the foundational economy focuses on food production and processing, retail, health, education, housing and welfare.
1:07.0	Do investments in these areas pay off?
1:09.8	Join Klem McNell for the next half hour to discover an answer.
1:13.0	As we're standing now, you can see the town, you can see the mountains.
1:27.0	And there's a Welsh point by Gwyn Thomas.
1:29.0	He's actually he came from the town.
1:31.0	A briched a dreve and a scour on a greg, which roughly translates as a bracelet of mountains
1:40.2	protecting the town, in a way. You know, some will see them as are oppressors as well but no I yeah I see it's majestic.
1:50.2	Nestle in the valley below the Snowdenian mountain range is Belena Fistinio.
1:55.2	This was once the slate capital of the world.
1:58.5	Those quarries and mines which created so much prosperity have left behind giant slate tips which now encircle the town and
	...

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