The Scottish Government has launched a consultation about Community Wealth Building (CWB). What is CWB and how can it help where you live?
It seeks to change the way that our economies have come to function by aiming to retain more wealth and opportunity for the benefit of local people. This is in contrast to the predominant economic model, whereby wealth is created by property ownership, regeneration is based on speculative property development and large companies extract wealth for the benefit of distant shareholders.
Community wealth building achieves its aims by harnessing the economic and social power of locally rooted institutions. These are commonly referred to as anchor institutions. Typically, this means local councils, health boards, universities, colleges and housing associations, and potentially, the private sector too. The Voluntary, Community and Social Enterprise (VCSE) sector also plays a fundamental role, by using its local intelligence and influence as a conduit for change and as an important part of the generative local economy in its own rightCLES
The consultation to get your views is preparing the way for legislation on CWB which will go before the Scottish Parliament.
It’s aim is to get all those organisations and the assets which are in your community to work together so that the wealth generated locally stays locally on : Spending; Workforce; Land & Property; Inclusive Ownership; Finance.
There are examples of it for instance where it first started – Cleveland, Ohio and in Preston Lancashire.
Developing Community Wealth Building requires all the public bodies to work together, for instance our local councils, health and social care boards, universities, – and to work with the private and third sector. If it really intends to work it would see an increase in community ownership and a shared understanding of the place in which we live.
It involves a cultural change within many organisations to work together proactively to develop a local economy where the wealth generated stays within the community. Community Wealth Building sits within the wider context of Scotland’s aim to produce a Wellbeing Economy.
There is an online engagement event with the Scottish Government Minister for Public Finance, Planning and Community Wealth, Tom Arthur, to discuss the consultation and hear feedback. The event will take place on Tuesday 07 March 2023 between 10:00 -11:30 over Microsoft Teams: Register now
The consultation closes on 25th April 2023
To take part and for more information click on this link: Community wealth building consultation
Tom Arthur said:
“We want to create an economy which delivers prosperity for all of Scotland’s people and places. Community Wealth Building is about enabling people to have a stake in the wealth that their local economy generates. This is central to our plans to reform Scotland’s economy for the wellbeing of current and future generations.
“While Community Wealth Building has grown in popularity in recent years, legislation has the potential to achieve more rapid benefits for communities, helping both people to earn incomes from fair work and more locally-owned businesses to bid for public sector contracts. Money spent locally is more likely to stay in the local economy and support local jobs.
“This public consultation will inform a Community Wealth Building Bill, which we will introduce to Parliament, to achieve these aims. I look forward to hearing a wide range of views on how we can use this process to transform our local economies to become greener, fairer and more prosperous.”
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