Success in securing resources for a Community Wealth Fund in England. Wales next?

Eleri Williams, Building Communities Trust’s policy officer provides an update on the campaign for a community wealth fund in England and considers how this can assist us in developing the campaign in Wales. 

One of the key demands in our Stronger Welsh Communities manifesto was more investment for communities. We specifically called for the next round of money from UK dormant stocks, shares, insurance and pension funds should be used to give communities in Wales the long-term, flexible funding they need to plan and deliver projects in their local areas. 

We’re encouraged by the recent announcement from the Department for Media, Culture and Sport (DCMS) which following a public consultation on the usage of Dormant Assets funding has expanded the scheme to include community wealth funds; pots of money that will allow local residents to improve their communities.  

The Dormant Assets Scheme unlocks money from forgotten bank and building society accounts and soon, will include further assets from the insurance and pensions, investment and wealth management, and the securities sectors. An estimated £738 million more will be made available over time thanks to the expansion of the Scheme to the new sectors. 

Excitingly, community wealth funds will become an additional beneficiary of the Dormant Assets Scheme. Based on principles from a large-scale campaign, coordinated by Local Trust, this vision of a community wealth fund is a pot of money distributed to communities in deprived areas and released over a long time period, with local residents empowered to make decisions on how to use the money. 

Over recent months, BCT has been leading the development of a coalition focusing on how a community wealth fund could look in Wales, building on our manifesto, as well as taking inspiration from the Local Trust campaign.  

Coalition members are in agreement about the desire to see the estimated £44m for Wales from the Dormant Assets scheme used to create a long-term, flexible funding model that is independent of government and focused on promoting sustainable community action. Many coalition members jointly wrote to the Deputy Minister for Arts and Sports about how the money is spent as well as what it is spent on. 

You can find out more about our policy work here and if you want to get involved in our work to develop a community wealth fund fit for Wales, please contact Eleri on Eleri.williams@bct.wales