Community Wealth Building
What is Community Wealth Building?
Community Wealth Building is a new people centered approach to economic development, which redirects wealth back into the local economy and places control and benefits into the hands of local people.
It's about working in partnership with communities and businesses to build a strong local economy which supports fair work, encourages local spend and uses the land and property we own for the common good.
There are five pillars to Community Wealth Building, the pillars are:
- Inclusive ownership: developing more local and social enterprises which generate community wealth including social enterprises, employee owned firms and cooperatives.
- Finance: Ensuring flows of investments of financial institutions works for local people, communities and businesses.
- Work Force: Increasing fair work and developing local labour markets that support the wellbeing of communities.
- Spending: Maximising community benefit through procurement and commissioning, developing good enterprises, fair work and shorter supply chains.
- Land and Property: Growing social, financial and economic value that local communities gain from land and property assets.
West Lothian Initial Approach Report - WL CLES Community Wealth Building Action Plan FINAL 14-07-2022 (PDF, 483 KB)(opens new window)
Staff and Partners
The Community Wealth Building Team
To find out more about Community Wealth Building contact the Community Wealth Building Team, contact: regenerationteam@westlothian.gov.uk (opens new window)
