Anchored in Greenwich Partnership – Two Years On

Community wealth building is a transformative approach to local economic development that has gained significant traction in the UK. Community wealth building aims to reshape wealth creation and the circulation of money within local economies. Instead of allowing wealth to flow out of communities, this approach focuses on retaining and redirecting it within local economies and seeks to increase ownership and control of wealth within the area to increase the benefit to the community.

The Greenwich Model

In 2021, the Centre for Local Economic Strategies (CLES) was commissioned to collaborate with the Royal Borough of Greenwich to strengthen its co-operative principles and implement a community wealth building approach. This work culminated in the adoption of the Community Wealth Building Strategy in the summer of 2022, introducing what is now known as the ‘Greenwich Model’. The strategy was co-created with input from key local anchor organisations, including London South East Colleges, Greenwich Cooperative Development Agency, and Peabody. This foundational work also influenced the creation the Anchored in Greenwich (AiG) Partnership and the borough’s first Inclusive Economy Strategy, which was launched in March 2024.

Following the adoption of the Community Wealth Building Strategy, the AiG Partnership was formalised in September 2022. This partnership aims to help participating organisations maximise their contributions to the Royal Borough of Greenwich’s economy. The partnership comprises entities from the public, private, and third sectors, with members committed to advancing four key pledge areas:

1. Utilising procurement and spending power to bolster local businesses.
2. Using land and assets to provide space for social economy organisations.
3. Decarbonising Greenwich’s local economy.
4. Becoming a ‘Living Wage Place’ to address low pay issues.