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  4. Views sought ahead of Community Wealth Building Bill

Views sought ahead of Community Wealth Building Bill

1st February 2023 | government-administration , corporate | Public sector

A consultation ahead of proposed legislation on the community wealth building (“CWB”) approach to economic development has been launched by the Scottish Government.

The Government has adopted the internationally recognised CWB approach as a key practical means by which progress can be made towards realising its “wellbeing economy” vision outlined in the National Strategy for Economic Transformation (NSET).

CWB is designed to tackle longstanding economic challenges by considering the ways in which the public sector, in partnership with the private, third and community sectors, can ensure more wealth is generated, circulated and retained in communities and localities.

It is focused on growing the influence communities have on the economy and ensuring they receive more of the benefits from the wealth they help to generate. Its principles maximise community and business benefits through procurement and commissioning, fair work and shorter supply chains; seek productive use of land and property; develop more local and inclusive enterprises; and increase investment and recirculation of wealth within local economies.

In the foreword, Tom Arthur, Minister for Public Finance, Planning and Community Wealth, writes that the principles of a wellbeing economy “cannot be achieved through simply redistributing a portion of the wealth created. They need to be hard-wired into everything we do to develop our economy”.

With the growing incidence of global crises, he continues, if we are to truly realise a sustainable wellbeing economy, we need to consider “bold, alternative economic approaches for the long term”. This recognition is what is promoting CWB in places from Cleveland, USA, where it began, to Preston in England, Chicago, Sydney and Amsterdam. 

In Scotland, pioneering work has already taken place in Ayrshire, followed by a series of pilot locations supported by the Scottish Government. Ministers now want to go further and faster. 

Other supporting activity includes the upcoming Land Reform Bill, the commitment to a series of Just Transition Plans, the National Planning Framework 4, the Refreshed Fair Work Action Plan and the review of the Community Empowerment Act.

While some powers in this area remain reserved to Westminster, the consultation seeks a broad range of views on what is required to accelerate and deepen CWB in Scotland, including feedback on reserved areas where respondents would like ministers to work with the UK Government on the potential to accelerate its implementation.

The bill planned during the present parliamentary session will accelerate the delivery of CWB across Scotland by promoting the changes required to grow local wealth and give communities a greater stake in the economy, addressing blockages identified by the areas and organisations leading the implementation of CWB. 

Read the consultation here. It runs until 25 April 2023.

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