Local shops are set to benefit following Scottish Parliament’s passing of the Community Wealth Building Bill.
The Bill will support investment in communities with councils, health boards and other public bodies focusing on the generation, circulation and retention of wealth in local and regional economies.
This could include buying or procuring more goods and services from local businesses; boosting social enterprises; or helping community groups to acquire vacant buildings and land.
A healthier local business ecosystem is likely to support footfall for local shops and more active management of vacant shop units could lead to more vibrant high streets.
Public Finance Minister Ivan McKee said:
“Community Wealth Building is an approach to economic development that can deliver sustainable growth and foster resilience in our local economies.
“This unique legislation will help to deliver more benefit from investment in local economies so that they become fairer, greener and more prosperous.”
Stacey Dingwall, Head of Policy & External Affairs (Scotland) at the Federation of Small Business (FSB) said:
“FSB is a long-time supporter of the Community Wealth Building agenda, therefore it’s welcome to see the Bill pass today.
“Investing more public money in local businesses is also an investment in local job opportunities, ensuring as much wealth as possible is retained in local communities.”
