6. Refocus the overall fiscal and monetary policy framework to build a caring economy
What needs to happen?
A key part of creating an enabling environment for a caring economy is transforming the fiscal and monetary policy framework so that it focuses first and foremost on equality, wellbeing, and sustainability objectives, and ends the primacy of GDP growth as the key objective.
Creating a caring economy requires the UK’s tax systems to be transformed so that:
- Maintain, at the UK level, the new policy of borrowing where required and of coordinating fiscal and monetary policy, and use this to create and sustain a caring economy
- Increase the borrowing powers of devolved governments and local governments so that they can invest more in a caring economy
- Adopt targets and indicators directly related to wellbeing, gender equality, and sustainability