Caroline Voaden

New clause 10, which I tabled, would require the Secretary of State to re-establish the community ownership fund, to which strategic authorities can apply for funding. We have heard from lots of Members in the House today about the value of their local community-owned businesses. Community-owned spaces are of immense economic and social value to their local area. Businesses across the country under the community ownership model are defying the odds, when small businesses in retail and hospitality in particular are struggling to survive. According to Plunkett UK—I commend its work in this area—business survival rates for community businesses remain exceptional, with a five-year survival rate of 97%. That is radically higher than the 39% survival rate of private small and medium enterprises over the same period. These thriving local enterprises reinvest back into their communities, creating a positive cycle. They also provide exponential benefits to local areas and the people who live there. They tend to source goods and services locally, creating a circular economy in the places where they exist. They support charitable activity, provide fundraising for local causes and improve the aesthetics of our towns and villages through gardening initiatives, improving the quality of our green spaces, encouraging more people to get outdoors and improving arts and culture. From pubs and shops to community centres and hubs, these spaces are the pillars of their communities, bringing people together and nurturing a shared pride in their town or village. They are the difference between a bunch of houses and a genuine community. At a time when community cohesion is frayed, division is commonplace and we are being pulled apart by dangerous individuals seeking to widen the cracks that are showing in our society, these community spaces offer a way to reunite communities. Through something as simple as providing a place for people to meet and talk to each other, community spaces combat this increase in division with social interaction, enabling communities to come together to celebrate where they live. Community-owned spaces provide a wide array of volunteering opportunities, employing more than 20,000 volunteers across this country, from young people right through to older people. In a recent survey by Plunkett, 58% of these businesses stated that older people benefit most from their presence. In rural areas such as South Devon, that is especially important. Isolation can happen when people live far from neighbours in rural areas, and in many ways these places help to strengthen the very fabric of rural life for those people. It is not easy for a community to buy a building or space that is at risk of closure or has been left unused. That is why the community ownership fund is vital, as Government funding is desperately needed to enable a sustained increase in community ownership. A community ownership fund would develop a larger pipeline of start-up groups and build the capacity and confidence of those groups to progress to the trading stage. If it were reopened, it would have a transformational impact by enabling the spread of community spaces and the extensive benefits they bring. In the three years that the community ownership fund was in place, it saved thousands of cherished community sites at risk of closure. Thanks to the fund, community groups could generate income, build financial sustainability and strengthen community ties. It is the Government’s mission to double the size of the co-operative sector, as set out in their manifesto. It is time, therefore, for them to correct their mistake, to fulfil their promise and to seize the opportunity that this Bill presents by backing my new clause 10 and reopening the community ownership fund.