The Scottish Government has adopted the internationally recognised Community Wealth Building (CWB) approach to economic development as a key practical means by which progress can be made towards realising our wellbeing economy vision outlined in the National Strategy for Economic Transformation (NSET).
CWB is an approach designed to tackle long-standing economic challenges and transform Scotland’s local and regional economies 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.
In short, CWB is focused on growing the influence communities have on the economy and ensuring communities receive more of the benefits from the wealth they help to generate.
The Programme for Government 2021-22 confirmed our plans to introduce legislation on CWB during this Parliamentary session. The legislation we plan to introduce will accelerate the delivery of CWB across Scotland and address blockages identified by the areas and organisations leading the implementation of CWB. The Programme for Government 2022-23 outlined that we will hold a consultation on CWB legislation and we welcome a wide range of views on the changes that are required to grow local wealth and give communities a greater stake in the economy.
As well as publishing this consultation paper, we are hosting an online engagement event with the Minister for Public Finance, Planning and Community Wealth to discuss the consultation and hear feedback.
The event will take place on Thursday 16 March 2023 between 10:00 -11:15 over Microsoft Teams: Register now
You can hear from the Minister for Public Finance, Planning and Community Wealth about what’s in the consultation and why it is needed in this short video
We will be engaging with a wide range of partners during the consultation period.
“The Scottish Government wants to put people, place and the environment at the heart of our economy. That ambition has never been more important than in the current moment as we tackle a Cost of Living Crisis which is harming communities across Scotland.
Community Wealth Building is a key tool to help us achieve an economy that is focused on delivering wellbeing for all. It seeks to do this by growing local wealth and making sure it stays in communities.
Scotland is fast becoming a global leader in Community Wealth Building. Legislation will cement the progress made so far and ensure we go further and faster in the implementation of Community Wealth Building across Scotland.
I encourage you to be bold, ambitious and creative in responding to this consultation to ensure that communities across Scotland have a greater stake in the wealth they help to generate.”
Tom Arthur MSP
Minister for Public Finance, Planning and Community Wealth
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