Calls for a Community Wealth Fund to transform the most ‘left behind’ neighbourhoods have been backed by 10 councils in England.
The 10 councils have added their support to the Community Wealth Fund Alliance, which is urging the Government to use dormant funds to create a new £4bn endowment.
Under the proposal, each community would receive £2m to spend over 10-15 years to help turn their areas around.
Margaret Bolton director of policy at Local Trust, who provide the secretariat to the Alliance, said: ‘Local authorities are perfectly placed to help make the Community Wealth Fund a reality, and we’re keen to see support for the idea building across all tiers of local government.
’The pandemic has brought home to all of us the importance of place and the value of community action and working together. A Community Wealth Fund would provide long-term funding and support for such activity, helping to create stronger and more resilient communities, able to work with their local councils to meet community needs and respond to community aspirations, building community wealth and creating a better future for the communities that feel most left behind.’
The councils are: Birmingham City Council, Calderdale Council, Cambridgeshire County Council, Durham County Council, Liverpool City Region Combined Authority, Newcastle City Council, Peterborough County Council, Preston City Council, Sunderland City Council and Thanet District Council.
Cllr Paul Stewart says the introduction of a Community Wealth Fund would support the most ‘left behind’ wards in Sunderland.