Pictured: Sam Leach, Chair of the Community Wealth Building Commission
Combined Authority Members were presented with recommendations on how to build community wealth in York and North Yorkshire at Thursday’s Cabinet Meeting.
In September, a Community Wealth Building Mayoral Commission, convened by David Skaith, Mayor of York and North Yorkshire, was formed to bring together experts from community organisations, academia, trade unions, and social enterprises.
The group, which is the first of its kind, has since commissioned a report through the Centre for Local Economies. Recommendations will now be taken away by Members to consider.
Along with noting the recommendations set out in the commission’s report, Members were asked to endorse the role of Community Wealth Building principles in driving the region's approach to inclusive economic growth.
An initial £500,000 for a Community Wealth Fund will be ringfenced from the Mayoral Investment Fund to set actions in motions from approved recommendations identified in the report.
The next steps will be for an implementation plan to be devised by the Community Wealth Building Mayoral Commission for Cabinet Members’ approval.
David Skaith, Mayor of York and North Yorkshire, said:
“York and North Yorkshire has a strong economy, but not everyone feels the benefits. Community Wealth Building is how we change that.
“Our Community Wealth Fund is the start of our journey to make our local economies stronger and fairer for more people right across our county.
“This model made a real difference to people in places like Preston, now it's our turn to ensure local money stays local to drive growth with purpose.”
Sam Leach, Chair, Community Wealth Building Commission said:
“Community wealth building has the potential to transform lives and local economies across York and North Yorkshire, from our cities to our market and coastal towns and our rural communities.
“We hope to see real engagement and support from leaders across the region to bring these recommendations to life, as their impact could transform our region and build an economy that works for everyone.”