Earlier this month the government announced their plan to dedicate £76 million of funding from the expanded dormant assets scheme to the creation of community wealth funds. The aim of the community wealth funds is to give local communities in some of the most deprived areas of the country the power to improve where they live and invest in what's important to them.
In the announcement the Minister responsible for dormant assets, Stuart Andrew, MP says:
“The creation of a community wealth fund will give local residents in some of the more deprived areas of the country the power to improve where they live and invest in what’s important to them.”
The government will shortly launch a public consultation to gather views on the detailed design of this important new initiative.
VONNE is proud to be a member of the Community Wealth Fund Alliance (CWFA) who have been instrumental in delivering a campaign to secure the community wealth funds. The campaign team are incredibly grateful to all those who helped make the campaign a success in securing community wealth funds saying, "this ambitious goal would not have been achieved without the support of the over 660 members of the alliance, the generosity of our funders and the advocacy of our parliamentary and other supporters – thank you so much, collectively we secured this commitment!"
The next step is to inform the government’s consultation and the design of community wealth funds to ensure they truly reflect the principles the campaign has advocated and provide long term, community led funding with appropriate confidence and capacity building support at the neighbourhood level to the most deprived and ‘left behind’ communities and secure a legacy of improved outcomes for their residents.
Get involved
Please email ella.smith@localtrust.org.uk if you have any questions or would like to become part of the CWFA group of Champions – a group of members who take a proactive role in promoting the campaign.