Member

The amendment would require authorities to set out plans for community wealth building and would explicitly support partnership working with anchor institutions such as hospitals, colleges, universities and major employers. These institutions already shape local economies through their spending, employment practices and land ownership. Bringing them together would create the opportunity for co-ordinated action on procurement, fair work and the better use of assets in a place. In essence, community wealth building is about creating an economy that is inclusive and locally rooted. It shifts the focus away from extraction and towards long-term value for communities. It recognises that growth is about not only large-scale industrial strategy but the everyday economy—the sectors where most people work and which keep communities functioning.