Newham Council has launched its Community Wealth Building Strategy – a pioneering and bold inclusive economic approach that aims to address poverty in the borough as well as ensuring that investment coming into Newham benefits all residents.
The strategy is underpinned by the principles of economic, social and environmental justice; so that long-term prosperity, wellbeing and fairness for all our residents in the Borough is achieved; and our response to the Climate Emergency is progressed. As well as attracting growth and investment into the borough, the Council’s new Community Wealth Building strategy will help unleash the potential of residents, businesses and the voluntary sector because they are the source of wealth and talent that will drive a fairer and more prosperous Newham. The new strategy will help the Council tackle injustices residents face with an unrelenting focus on poverty in the Borough, as well as addressing racial and gendered disparities that exist. It will also be applying Community Wealth Building principals as a key mechanism for responding to the climate emergency we all face.
Our new Community Wealth Building strategy means we will:
Lead by example
- Use our purchasing power and influence to keep wealth in our local economy.
- Lead on progressive procurement, becoming a living wage employer and encouraging others to do so.
Campaign for a fair deal for Newham workers
- Our young people will have access to the very best opportunities London has to offer, regardless of their background.
- We will support residents to get a fair deal from their employer and the Government.
Drive forward an inclusive economy
- Unleash the dynamism of Newham businesses, supporting them to improve their productivity.
- Nurture our cooperative economy, ensuring wealth created is held democratically.
Mayor Fiaz said: “I have always been clear that I would make the borough a beacon of Community Wealth Building. Too many of our residents are stuck in jobs that don’t meet their needs and are vulnerable to employment right abuses. Too many of our children are living in poverty. We have a moral duty to change that and through our Community Wealth Building agenda we plan to tackle these issues head on with practical actions and an integrated inclusive economy approach. We’ll be working with our partners, with residents, businesses and the voluntary sector so that Newham becomes a fairer place where prosperity is felt by everyone.”
Read the full strategy about why Newham is taking this approach to the local economy.