Proposals for a sustainable and inclusive wellbeing economy

That this House welcomes the formal opinion on a sustainable and inclusive wellbeing economy, adopted by the European Economic and Social Committee (EESC) on 24 January 2020; recognises that this opinion is the last one developed with the 24 UK members of the EESC and thanks them for their contributions; further welcomes the EESC’s call for a new vision of prosperity for people and planet based on the principles of environmental sustainability, the right to a decent life, and the protection of social values; notes that the EESC highlights that the pursuit of GDP growth ignores important elements of individual and social wellbeing and fails to account properly for environmental and social considerations; welcomes the call for a precautionary approach so that macroeconomic stability does not depend on GDP growth; further welcomes the call for new indicators of economic performance and social progress; and calls on the UK Government and HM Treasury in particular to at least match the ambition and leadership shown by the EESC by conducting a review of the growth dependency of the UK economy and to develop a comprehensive strategy to transition to a wellbeing economy that protects and restores ecosystems and biodiversity, reduces inequality, fosters sustainable entrepreneurship and delivers a just transition to a climate neutral way of life for all UK citizens.