Community Wealth Building Strategy
What is Community Wealth Building?
Community Wealth Building (CWB) is a progressive economic approach that aims to retain and circulate wealth within local communities.
The Moray CWB Strategy envisions creating a fair and inclusive economy where communities have a greater stake in the local economy. It aims to:
- Retain wealth locally by increasing procurement spend with Moray-based suppliers.
- Promote fair work practices and reduce barriers to employment.
- Encourage inclusive ownership of businesses and assets.
- Support sustainable use and management of land and property.
- Foster community and public investments in local projects.
Moray Anchor Network
Anchor Institutions such as local authorities, health and social care bodies, further and higher education bodies and enterprise agencies are central to the success of CWB. Anchor Institutions, are typically large established organisations, rooted in local communities, which can improve local economic and social wellbeing through their procurement, jobs and use of land and assets. Not only is the public sector key to the success of CWB, but the private, third sector and community organisations all play a vital role in the implementation of CWB policies.A Moray Anchor Network has been established, consisting of cross sector partners, including Moray Council, NHS Grampian, UHI Moray, Highlands and Islands Enterprise, , Crown Estate Scotland, tsiMORAY, Ekopia Resource Exchange, Moray Chamber of Commerce and Federation of Small Business.
The Moray Community Wealth Building Strategy has been developed by engaging with partners through the Moray Anchor Network and Community Planning process.Key Pillars of the Strategy
The Moray CWB strategy utilises five key pillars to encourage Anchor Institutions to leverage their organisational power to retain wealth within the local community.
These pillars aim to maximise economic benefits for our local area;
1. Spending:
Focuses on increasing local procurement by public bodies to retain more wealth in Moray. Targets include raising local procurement spend to 30% over ten years and promoting community benefits in public contracts.
2. Workforce:
Aims to improve job quality, promote fair work practices, and address challenges like the gender pay gap and childcare. Objectives include increasing local employment opportunities, supporting skills development, and minimising barriers to employment.
3. Inclusive Ownership:
Seeks to support the growth of local businesses, social enterprises, and cooperatives. The strategy aims to increase the capacity of third-sector organisations and encourage public and private investments in community-led initiatives.
4. Land and Property:
Encourages the use and management of public assets by communities and integrates community benefits into local planning policies. Focuses on addressing issues like fuel poverty and affordable housing shortages.
5. Finance:
Promotes public and community investment in local development. The strategy supports initiatives like the Moray Firth Credit Union and explores alternative forms of financing, such as a potential "Moray Fund" to support community projects.
CWB is already happening in Moray, examples of some of the work that is already being done, is highlighted in the strategy.
Implementation and Monitoring
The strategy will be delivered by the Moray Anchor Network, with progress reported annually to Moray Council and the Community Planning Partnership. Regular monitoring will ensure alignment with strategic goals and community needs.
Conclusion
The Moray CWB Strategy outlines a comprehensive plan to build a fairer local economy by empowering communities, promoting sustainable practices, and retaining wealth within Moray. This approach is expected to boost local economic resilience, reduce inequalities, and enhance community well-being over the next decade.