Right across Wales – from Blaenau Gwent to Blaenau Ffestiniog – there are examples of communities taking their economic futures into their own hands, by establishing social enterprises, community-owned businesses and co-operatives.
Because they are embedded in their communities, these businesses can be more sustainable, and tend to be more resilient to economic shocks. They combine profit-making with social responsibility and tackling local problems, and keep wealth recycling in our villages, towns and cities.
To better support communities to take ownership of their local economies, we will legislate for a community right to buy. This will make it easier for valued local assets – including businesses like pubs, shops and cafés, as well as buildings and land – to be brought into community ownership when they come up for sale.
We will provide more specialist support to create, grow and sustain new co-operative, employee-owned, and social businesses, and improve their access to finance through the Development Bank of Wales.