Community wealth building is part of a placed-based approach which is gaining traction across the UK with a number of local authorities. Like all place-based approaches it seeks to reduce inequality, specifically seeking to take a proactive approach to supporting local inclusive economies. It is built upon the concept of creating a fairer, more socially just economy and has been advanced through a blend of five principles:
1. Plural ownership of the economy: seeking to develop a more diverse blend of ownership models.
2. Making financial power work for local places: seeking to increase flows of
investment within local economies.
3. Fair employment and just labour markets: positively impacting on the prospects and incomes of local people.
4. Progressive procurement of goods and services: developing dense local supply chains.
5. Socially productive use of land and property: deepening the function and
ownership of assets to ensure that any financial gain is harnessed by citizens.
Miriam McKenna, Programme Manager – Inequality, Economy and Climate Change at the Improvement Service, provides an overview of key concepts and strategies for community wealth building.
Alistair Gemmell, Strategic Planning Manager at North Ayrshire Council covers how the planning authority look to incorporate these concepts into planning policy.
