The Inclusive Economy Partnership focuses on three key social and economic challenges – they are not the only challenges we face in society; but they are a starting point for us to begin affecting change in our communities.

Transition to work

Our vision is for all young people in the UK to be in education, employment or training.

The success of our economy depends on a secure pipeline of skilled and committed employees; however c.800,000 young people are not in education, employment or training (NEET).

The Inclusive Economy Partnership is committed to moving young people from education and underemployment into meaningful jobs that enable progression, in the context of a broader commitment to inclusive employment.

Our Big Idea Project

Young people across the UK should be able to make the most of their lives, regardless of their background or circumstances. Accenture, Movement to Work, O2, UnLtd, Youth Employment UK and a host of other organisations have teamed up with the West Midlands Combined Authority to pilot a fresh approach to supporting young people into sustainable work. After collaborating with young people and employers in the region to scope out existing projects, they are now amplifying and building on these, with a focus on increasing work placements and improving innovative careers advice in schools.

Mental health

Our vision is for all employees in the UK to have their mental health supported in the workplace.

The cost of poor mental health to the economy as a whole is estimated at between £74 billion and £99 billion per year.

The Inclusive Economy Partnership is advancing the role of business in positively impacting the mental health of society, by starting with that of their employees.

Our Big Idea Project

Although many organisations are aware of how important it is to support employees with their mental health, knowing how to provide this support can be a challenge. Following the premise that ‘what gets measured gets done’, the Department for Work and Pensions has collaborated with the Inclusive Economy Partnership members and the Disability Confident Business Leaders Group, to create a new framework for voluntary mental health, wellbeing and disability data collection and public reporting. This will support employers to engage with the health and wellbeing of their workforce and create lasting change in UK workplaces.

Financial inclusion and capability

Our vision is to improve the financial wellbeing of 24 million people in the UK by 2024.

5.5 million people are in an unfavourable debt situation. These people are all currently or potentially vulnerable customers of retail finance institutions and other consumer-facing businesses.

The Inclusive Economy Partnership is working to provide the financially ‘under-served’ with access to affordable credit, with the tools and capabilities to interact with fair financial products and to build a savings buffer, in order to solve the issue of problem and persistent debt.

Our Big Idea Projects

Open Banking for Good

The world is changing and the potential for using data and technology to tackle social challenges is huge. Open Banking – the process of giving third parties controlled access to your financial information – presents an exciting opportunity to do just that. In November 2018, Nationwide launched a challenge prize to find and scale ways to improve financial inclusion and capability using Open Banking technology. The prize gave winning innovators the opportunity to develop their ideas and solutions to be shared across the industry.

Access to affordable credit

With millions of people in problem debt, ensuring appropriate access to affordable credit is an important part of creating an economy that is financially inclusive. The Department for Digital, Culture, Media and Sport, with cross-government support, has drawn on the expertise of the Inclusive Economy Partnership members to explore and develop new ways of stimulating the market into making more affordable credit available to the public. This has contributed to the establishment of Fair4AllFinance, which seeks to increase access to fair, affordable and appropriate financial products and services.

Scaling solutions

Working with Nesta, we ran a six-month Partnership Accelerator to help 18 social innovators across all three challenge areas scale their proven, on-the-ground solutions.

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Alternatively, if you’d like to open up a conversation about how your organisation can get involved in the Inclusive Economy Partnership, please get in touch at iep@cabinetoffice.gov.uk.