Community Wealth Building in Scotland bill has been passed by Parliament

The Scottish Parliament has passed the Community Wealth Building Bill, which asks councils, health boards and other public bodies to support the generation, circulation and retention of wealth in local economies; Scotland is reported to be the first country to legislate this model.

Scotland's Parliament has passed the Community Wealth Building Bill. The legislation asks councils, health boards and other public bodies to focus on generating, circulating and retaining wealth in local and regional economies. That approach is intended to direct more public spending and investment into local businesses, social enterprises and community-owned assets. Ministers and supporters describe the measure as a way to strengthen partnership working and local economic resilience. Key points: - The Scottish Parliament has passed the Community Wealth Building Bill. - The Bill directs public bodies to prioritise the generation, circulation and retention of wealth in local and regional economies. - Examples provided include buying or procuring more goods and services from local businesses, supporting social enterprises, and helping community groups acquire vacant buildings and land. - Public Finance Minister Ivan McKee said the approach aims to deliver sustainable growth and strengthen partnership working with public bodies. - Stakeholders, including the Economic Development Association Scotland and the Federation of Small Businesses, welcomed the Bill and noted its potential to change spending patterns and open procurement to smaller firms. - Scotland is reported to be the first country to legislate for Community Wealth Building at national, regional and local levels. Summary: The Bill establishes a legal framework intended to shift more public spending and investment toward local suppliers, community organisations and social enterprises, which supporters say could support local jobs and resilience. Ministers have said they will work with public bodies on implementation; the timetable and detailed steps for that work are undetermined at this time.