The Learning Ex ... ts at Somerset College.pdf

Appendices
Appendix A
1. The "Davies" Report
In 2001, the Government commissioned a report on how to promote better understanding of
business, the economy and enterprise throughout the school and further education systems.
The resultant "Davies Report" 1 identified ways of helping young people, whatever their
choice of career, "to manage risk and change in their working and personal lives."
It suggested that three "outcomes" should be pursued: Business and Economic
Understanding, Financial Literacy and Enterprise Capability.
These are defined as:
Financial Literacy
"The knowledge, skills and attitude necessary to become a questioning and in formed
consumer of financial services and the ability to manage one's finances effectively.
Financial literacy can be divided into three interrelated themes."
Business and Economic Understanding
"A process of enquiry, focussed on the context of business, central to which is the
idea that resources are scarce so that choices have to be made between alternative
uses."
Enterprise Capability
"The capability to handle uncertainty and respond positively to change, to create and
implement new ideas and new ways of doing things, to make reasonable risk/reward
assessments and act upon them in one's personal and working life."
A Review of Enterprise and The Economy in Education: Howard Davies. HMSO (February 2002).
www.sleh.org.uk/ee-daviesreport. (date accessed July 2007
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