Newham Council’s new Community Wealth Building Strategy launched
Newham Mayor, Rokhsana Fiaz launched Newham Council’s new Community Wealth Building Strategy. Demonstrating its commitment to pursuing economic, social and environmental justice so that long-term prosperity, wellbeing and fairness for all Newham residents is achieved, and its response to the Climate Emergency is progressed.
Community Wealth Building is a rapidly growing movement in the UK and internationally is finding new ways to address economic and social disparities in local communities that are holding people back. The strategy complements Mayor Fiaz’s agenda of putting people at the heart of everything the Council does, as residents, small businesses and the voluntary sector will be involved in shaping Newham’s local economy.
The launch was held at The Crystal in the Royal Docks where Mayor Fiaz was joined by Shadow Chancellor of the Exchequer John McDonnell MP, who put progressive local economic strategies at the heart of his approach. He initially launched the Community Wealth Building Unit in 2018 to encourage the take up of Community Wealth Building nationwide.
Other speakers included Happy Coman, a Newham resident who has benefited from the progressive practices already in place in Newham; Sam Gurney from the Trades Union Congress; and Frances Jones from the Centre for Local Economic Strategies (CLES). CLES has worked closely with the Council to help Newham take its place at the forefront of the community wealth building movement in the UK.
Mayor Fiaz feels it is her moral responsibility to address the poverty and inequalities that exist in the borough and taking the climate emergency seriously and wants to make sure that growth and investment across the borough benefit all residents. Through Newham’s bold and pioneering approach, the Mayor will unleash the potential of all parts of the community. Their residents, the local businesses and their voluntary sector believing that it is this source of wealth and talent that will drive a fairer and more prosperous Newham where everyone has a real stake.
Community Wealth Building underpins the Council's Inclusive Economy Strategy 2020... and sets out what actions we'll be taking under my administration to ensure long-term prosperity, fairness and wellbeing for all residents.
Mayor of Newham, Rokhsana Fiaz
Through its Community Wealth Building Strategy, the Council will be using its purchasing power and influence to keep wealth in Newham through leading on progressive procurement, becoming a living wage employer and promoting workers’ rights. It will also be encouraging anchor partners locally to do the same; and supporting businesses to increase the number of higher-skilled, higher-paid and better-quality jobs for residents. Young people will continue to be supported to have access to the very best opportunities London has to offer, and the Council will nurture a local cooperative sector in the borough which is an integral part of a broader movement for economic democracy nationally.
Alongside this, the Royal Docks Economic Purpose document has been written aligning with the Mayor’s Community Wealth Building agenda. The priorities and key areas of work support and complement the strategy. When delivering projects, the Royal Docks Team will ensure that the local community and business are engaged from the outset as well as ensuring to create and maximise the potential wider economic and innovation-based opportunities available.
To read the full strategy document and to find out more go to: www.newham.gov.uk/communitywealthbuilding
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