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North Lanarkshire councillors endorse draft statement intended to help enhance economic development

North Lanarkshire councillors have recently given their backing to a draft statement aimed at boosting economic development in the region. This statement, known as the Community Wealth Building statement, aligns with an internationally recognised approach that focuses on empowering communities to have a greater influence on the wider economy and ensuring they reap more benefits from the wealth they generate.
The initiative comprises five key pillars: spending, workforce, land and property, inclusive ownership, and finance. Notably, this approach has also been endorsed by the Scottish Government, with a related bill that aims to address wealth inequality set to be presented to the government in the near future.
In addition to endorsing the statement, North Lanarkshire Council has established a practitioners network that collaborates with local authorities. The council actively participates in quarterly meetings to further progress the objectives of the Community Wealth Building statement. The statement itself has already undergone review by a working group involving healthcare representatives, Voluntary Action North Lanarkshire, and emergency services.
Emphasising a commitment to supporting community wealth building while promoting local economic growth in an environmentally sustainable manner, the statement has received approval from the council’s enterprise and fair work committee. The final step involves presenting the statement to the North Lanarkshire Partnership for ultimate approval at a meeting scheduled for December.
This initiative signifies a significant step towards fostering economic development in North Lanarkshire through community empowerment and sustainable practices. It reflects a proactive approach by the council to ensure that local communities benefit more from the wealth they contribute to the economy. The endorsement of the Community Wealth Building statement demonstrates a commitment to inclusive and sustainable economic growth that prioritises the well-being of residents and the environment.