Published: 11th Sep 2020

Ten local authorities have backed calls to create a nationwide £4bn Community Wealth Fund to help ‘left behind’ neighbourhoods. The councils have joined the Community Wealth Fund Alliance, which is calling on the government to use dormant, or orphaned, assets from stocks, shares, bonds and insurance policies to create a £4bn endowment fund. Under the proposals, £2m would be awarded by the fund to each community to spend over 10 to 15 years, building community resilience and strength and increasing their confidence and capacity to turn their areas around. The proposal already has the support of the All-Party Parliamentary Group for ‘left behind’ neighbourhoods, which was set up earlier this year to find long-term policy solutions to improve the social and economic prospects of the 225 wards identified as being both the most deprived neighbourhoods in the country and those with the least community provision. The councils who have signed up to the Alliance include: Durham County Council Birmingham City Council Peterborough County Council Cambridgeshire County Council Preston City Council Newcastle City Council Sunderland City Council Thanet … (To read the full article, subscribe below)