A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales

All sectors of the economy operate in a Volatile, Uncertain, Complex, Ambiguous (VUCA) world and exogenous shocks are likely to become more frequent. Public service organisations (PSOs) in Wales have had to deal with multiple challenges including COVID-19, Wellbeing of Future Generations Act obligations, 2030 Net Zero targets, social welfare reforms and Brexit repercussions. These challenges are more acute due to increased financial pressures which manifests into ‘having to do more with less’. Key foundational sectors remain resilient during times of crisis, and the foundational economy offers regional economic stability.