The report, ‘Rebuilding Prosperity’, is based the findings of a six-year research programme conducted with citizen scientists and local communities in East London.

It analyses what ‘prosperity’ means in the current age and sets out the institute’s Prosperity Index – a new methodology to define and measure shared prosperity.

The index is based on the theory that sharing knowledge will increase social policy innovation at a local community level.

Working with study participants, the research identified 15 new headline indicators of prosperity.

The report also calls for a new economic model that focuses on ‘belonging’ and for universal basic services to be expanded.

Dame Professor Henrietta Moore, director,IGP, said: “The established orthodoxies for growth and prosperity have failed in their policy aims and failed the people they aim to help. 

“Now is the time to rebuild prosperity for the 21^st century and our report gives politicians at every level of government the foundations to achieve that. 

“The UK needs a new conversation for change, and we are asking government, policy makers and stakeholders, academics and citizens to join us in that conversation and make prosperity for all a reality.”