Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government whether they have any plans to provide guidance to local authorities about implementing community wealth building in order to drive economic development.

We are already investing in community wealth building through the £150 million Community Ownership Fund, and recently expanded eligibility to make it even easier for communities to take control of local assets and build their local wealth and infrastructure.

Separately, the government has recently announced that community wealth funds will become the fourth cause for dormant assets funding in England. A community wealth fund will provide pots of funding to hyper-local communities, with spending decisions made by local residents on how to improve their communities and lives. We will soon launch a technical consultation on the design of this important new initiative and welcome views on how best to ensure its long-term impact.