Councillors agree revised Community Wealth Building Strategy

Members at today’s (19 September 2024) meeting of The Highland Council agreed a refined strategy and action plan for the Council’s approach to Community Wealth Building. 

The Community Wealth Building Strategy 2024 – 2027 provides an alternative approach to economic development and a practical response that aims to keep wealth within a local area. Often described as a ‘people-centred approach to economic development’ it aims to ensure every area and community can participate in, and benefit from, economic activity. 

Public opinion had been sought over a 12 week period in May on a draft strategy previously approved by Councillors in March 2024. Feedback from this engagement has informed a revised version of the strategy and action plan which sets out a 3-year vision for taking forward and embedding the Council’s approach to Community Wealth Building.

Chair of Highland Council’s Economy and Infrastructure Committee, Cllr Ken Gowans, said: “The Council administration’s ‘Our Future Highland’ programme places people at its very heart, and through community wealth building we can bring people together to promote wellbeing, reduce inequalities, and deliver improved outcomes for people in Highland. 

“I am pleased to see the response from members of the public and community partners who have expressed their views on the draft strategy. This has helped officers to refine and tune our approach which will allow us to be ambitious in establishing the foundations of a brighter and more sustainable future for our communities.” 

The revised vision for the strategy is that the Council will:  

“Create an inclusive economy by retaining greater wealth and maximising spending within and for the communities of the Highlands, through harnessing organisational power and enabling community led activity.”

… and in addition to the vision, two commitments have been added that the Council will commit to:

• “Embedding Community Wealth Building as a guiding principle for all economic thinking and strategy.”
• “Working with our partners, through the Community Planning Partnership, to embed community wealth building approaches into partnership practice.”

The Council will deliver its vision through five key objectives that align with five pillars of community wealth building. These objectives are headed as: ‘Spending’, ‘Fair Employment’, ‘Land and Property’, ‘Financial Power’, and ‘Inclusive Ownership’.

Diagram of the 5 pillars of community wealth building

Under each objective, the strategy outlines areas of work that already support community wealth building across Highland and areas for development with an action plan outlining agreed actions, outcomes, leadership and timescales.

Full details of the approved strategy and action plan can be seen under Item 6 of the report to Council at Appendix 2.  Progress on the delivery of the action plan will be reported annually to the Council’s Economy and Infrastructure Committee.