Meaning of wellbeing economy should be ‘articulated better’, says minister

More must be done to “articulate better” what the wellbeing economy means, the minister responsible for it has suggested.

Neil Gray also said he was open to including wellbeing statistics in the annual budget and having independent oversight of how they are measured.

Creating a wellbeing economy was at the heart of the Scottish Government’s national strategy for economic transformation.

The wellbeing economy is a concept which seeks to go beyond traditional measures like GDP, with proponents often arguing for a redesign of the economic system.

The title of Wellbeing Economy Secretary is part of Mr Gray’s ministerial portfolio, indicating its importance to the Scottish Government.

However, earlier this week, a joint letter from 200 individuals and organisations voiced concern at the lack of “substantive progress in redesigning our economy”.

Speaking to the PA news agency, Mr Gray said: “We’ve certainly done the work to define what the wellbeing economy is – it’s about ensuring the economy works for people and planet and not the other way around, and ensuring that we have a strong economy than can help to feed public services.”

He continued: “We’ve got the wellbeing economy metric that’s there in the national strategy for economic transformation.

“Whether or not there has been that acknowledgement or understanding or permutation of that in the general conscious, that is our challenge.

“We need to make sure we’re articulating more and probably better, what a wellbeing economy means. But that’s my job.”

Last year, the Government published its wellbeing economy monitor, a series of 14 metrics to measure success.

These include the number of preventable deaths, reductions in climate change emissions and the gender pay gap.

The SNP minister said he was open to the idea of including wellbeing metrics in the Scottish Government’s annual budget, adding: “What I’ve also signalled I’m open to is more independent scrutiny of the metric that we have pulled together.”

He said the Government would go “as fast as we can” in the move to a wellbeing economy, saying the pace of change is constrained by public finances.

On Thursday, Mr Gray visited ACS Clothing in Motherwell to see examples of the sustainable business practices he is seeking to promote.

The company is taking on 20 new apprentices in addition to its 190 staff.

It is reducing the environmental impact of its large warehouse facility at Eurocentral, which processes millions of items of clothing each year.

Mr Gray was shown how the company is recycling its water and cutting waste.

ACS’ chief operating officer Anthony Burns said: “At the start of the pandemic, we faced significant financial strain, as suppliers demanded payment and customers halted orders, leading to a bleak outlook.

“However, our investment in circular business models, and our positive environmental and social impacts, were rewarded when Circularity Capital, a well-known Scottish ethical investment firm, invested significantly in our business.

“At ACS our commitment to fair work is not just a choice, but a responsibility we owe to our communities.”