What Is Community Wealth Building Denver
We are facing economic challenges that traditional economic development and developer-led regeneration cannot meet. People-centred community wealth building in Denver means rerouting wealth into the local economy and giving locals control and benefits. For over 30 years, CLES has worked with people across the UK and internationally who can envision a better way of organizing our local economies.
Why is Community Wealth Building important
We are witnessing an increase in inequality in our borough. There has been an increase in employment rates in recent years, but the jobs often don’t pay well. Over the last decade, the average earnings of 30,000 workers in the borough have fallen below the Real Living Wage. In light of COVID-19’s impact on our economy, this situation is likely to become even worse with increased unemployment and wages on the decline.
Where can I find out more information
Community wealth building denver has been implemented in Preston at the forefront of the UK. It has been our pleasure to collaborate with our colleagues at the Centre for Local Economic Strategies (CLES) since 2013. A report provided an overview of our progress and achievements in Preston by Preston City Council and CLES, published in May 2019. The analysis of anchor institution spending has been a key part of our work with CLES. The work described in these two publications has been tracked and reviewed by both of us.
How Community wealth building works
This video explains Community Wealth Building from the Centre for Local Economic Strategies. While the powerful few get wealthier, too many people live in poverty, inequality, and financial insecurity. Traditional economic development, which relies on investment, diverts wealth through local places, with profits and dividends often extracted by investors. As an alternative, local wealth building builds local economies which put communities first; it is a collaborative approach.
Key areas of work
Wherever possible, Preston City Council strives to provide value for its communities. We work closely and collaboratively with Preston’s anchor organizations and local partners wherever possible to achieve the most value and benefit for the local area.
Land, Property and Investments
Utilizing anchor institution assets to attract additional investment, encourage the development of new businesses, and facilitate new types of financial intermediation. Where possible, assets should be transferred to community or private sector interests when this is in the community’s best interest.
Wealth that’s there
Exploiting the purchasing power of anchor institutions. Improving local economic competitiveness by securing investments in local supply chains and localizing as much of that spending as possible.
Workforce
Building a skilled and committed workforce and setting an example for local businesses by investing in staff. Encourage employees to save and spend locally, including through credit unions, by paying them the Living Wage.
What is the ‘Preston Model’
A similar term, ‘Preston Model,’ is often used by the media when discussing Preston and Lancashire’s efforts to implement the principles of Community Wealth Building.
