Councillors in North Lanarkshire have recently approved a draft statement aimed at boosting economic development in the region. The council’s Community Wealth Building statement aligns with an internationally recognised strategy that seeks to empower communities to have a greater impact on the local economy and reap more benefits from the wealth they generate. The approach consists of five key pillars focusing on spending, workforce, land and property, inclusive ownership, and finance, and has garnered support from the Scottish Government.
Additionally, a corresponding bill proposing legislation to address wealth inequality is set to be presented to the government in the near future. The council has established a practitioners network to collaborate with local authorities, with North Lanarkshire Council actively participating in quarterly meetings. The draft statement, which has undergone scrutiny by a working group inclusive of healthcare representatives, Voluntary Action North Lanarkshire, and emergency services, underscores a commitment to promoting community wealth building to bolster the local economy in an environmentally sustainable manner.
Following ratification by the council’s enterprise and fair work committee, the statement is slated for consideration by the North Lanarkshire Partnership for final endorsement at a meeting scheduled for December. This initiative showcases a concerted effort by the council to champion community-led economic development and foster a more inclusive and prosperous future for North Lanarkshire residents.
In a bid to enhance economic growth in North Lanarkshire, councillors have given their backing to a pioneering initiative aimed at empowering local communities and ensuring they derive maximum benefits from their economic activities. The endorsement of the Community Wealth Building statement underscores the council’s commitment to fostering a more inclusive and sustainable economy for the region, aligning with the Scottish Government’s efforts to address wealth inequality and promote community-led economic development. This proactive approach demonstrates a concerted effort to prioritise the well-being and prosperity of North Lanarkshire residents.