Our approach
Community wealth building is a type of economic development. It aims to make sure that we use local resources, such as land and money, in a way that benefits and empowers local people and organisations.
It focuses on 5 key pillars
- Spending - buying goods and services in a way that benefits local communities and keeps money in the local economy.
- Employment - reducing barriers to accessing employment, demonstrating fair work, and helping people to progress in work.
- Land and property - involving communities in decisions about land and property, and supporting communities to access, manage and own land and property.
- Inclusive ownership - Supporting local enterprises that create community wealth to start and grow for example, co-operatives, social enterprises and local small and medium-sized enterprises.
- Finance - involving communities in financial decision making, promoting financial inclusion and making sure that wealth is invested in local priorities.
Community wealth building can deliver benefits to local areas such as
- reducing poverty
- increasing access to fair employment opportunities
- supporting the success of local enterprises.
This matters in Edinburgh, where around 80,000 people live in relative poverty.