North Lanarkshire councillors have given their support to a draft statement aimed at boosting economic development in the region. The council’s Community Wealth Building statement follows an internationally recognised approach that seeks to empower communities within the broader economy and ensure they reap more benefits from the wealth they generate. The initiative is built on five key pillars: spending, workforce, land and property, inclusive ownership, and finance, and has been endorsed by the Scottish Government.
A related bill geared towards addressing wealth inequality is set to be presented to the government in the coming months. A network of practitioners has been established to collaborate with local authorities, with North Lanarkshire Council actively participating in quarterly meetings. The council’s statement, which has already undergone a working group process involving healthcare representatives, Voluntary Action North Lanarkshire, and emergency services, underscores a commitment to fostering community wealth building while promoting environmental sustainability.
The endorsement of the draft statement by the council’s enterprise and fair work committee marks a significant step forward. The statement will now be tabled for final approval at a North Lanarkshire Partnership meeting scheduled for December. This forward-thinking approach highlights a concerted effort to enhance economic development in North Lanarkshire while ensuring that the local community reaps the rewards.
In summary, North Lanarkshire councillors have backed a draft statement that aligns with the Community Wealth Building approach, aimed at bolstering economic development in the region. The comprehensive five-pillar strategy focuses on empowering communities and promoting shared prosperity, underscoring a commitment to sustainable growth and inclusivity. This initiative marks a progressive step towards a more equitable and prosperous local economy for North Lanarkshire.