Community wealth building is coming to London

Co-operative Party

Greenwich sits opposite Canary Wharf, one of the wealthiest parts of Britain. Like many parts of London, it doesn’t struggle to attract inward investment. However, for its council, the community wealth building model–more typically adopted by former industrial cities like Preston and Cleveland–has much to teach this London Borough too.

The success of the community wealth building model is well documented in Preston, where a whole-system approach to empowering the local economy has seen an estimated £700m of spending redirected towards locally-owned businesses. It’s an approach that seems to be bearing fruit, with the City recently awarded the title of ‘most improved’ in the 2018 Good Growth for Cities Index.

But can the ideas and principles of Community Wealth apply as much to a London borough as a northern city?

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