Socially minded enterprise
The UK is the fifth most unequal country in the world, according to the OECD. Financial wealth is held by a small minority, 44% of the UK’s wealth owned by just 10% of the population.
At a local level, this means that the wealth generated by workers, local people, communities, local enterprise and business in our towns and cities does not flow back to them, but instead is extracted by distant shareholders as profits and dividends. in other words, free riders..
To us this seems totally unreasonable.
Locally owned and socially minded enterprises are more likely to employ, buy and invest locally. For this reason, community wealth building seeks to promote locally owned and socially minded enterprises by promoting various models of enterprise ownership that enable wealth created by users, workers, and local communities to be held by them.
- Small businesses - often family owned and run.
- Worker and Consumer Cooperatives - business decisions are made in the interests of the local community in which they are based. Profits are reinvested into the business, are used to create local jobs, or are returned to the members.
- Municipal Enterprise’s - are companies set up, wholly owned, and run by local government. Municipally owned companies are not new and are growing across the UK. We envisage a time when municipal enterprises will play a much bigger and positive role in helping pay for public services, reducing the local tax burden on citizens and local authority dependency on government controlled grants.