A path to a more equal local economy: Community wealth building in Islington

Islington has a dynamic local economy characterised by its diversity, entrepreneurialism, innovation, strategic location, and ongoing investment, making it a vibrant and thriving borough within London's economic landscape.

However, beneath this bustling exterior, there are inequalities that need addressing. Our ambition is to create a more equal Islington, where everyone has the same opportunity to reach their potential. And we believe that to achieve that, we must also create a fairer local economy for our residents, businesses and communities.

That's why we've made a commitment to build a local economy where wealth is shared more fairly, and residents and businesses have a genuine stake in their local community.

Community wealth building in Islington

Community wealth building (CWB) aims to address inequalities by ensuring that economic benefits are distributed more equitably. By focusing on local businesses, fair employment practices, and inclusive growth, CWB can help uplift marginalised communities and reduce poverty.

To achieve that, we have developed a community wealth building strategy for Islington, which commits to:

• Connecting people to get the skills they need to find good quality, well paid jobs with long term prospects.
• Empowering residents in financial hardship to access benefits and support they're entitled to.
• Protecting and enhancing our high streets and public spaces.
• Securing funds from developers to invest in the things that are most important to local communities.
• Backing local small and independent businesses and entrepreneurs so they can establish, grow and stay in Islington.
• Making the borough a destination for new, emerging and sustainable sectors.
• Collaborating with like-minded organisations to increase local employment opportunities and boost local investment for the benefit of Islington's residents and businesses.

Delivering results

Since adopting the community wealth building approach, we have made significant strides in addressing these disparities, including:

• Employment and Skills Development: Last year 1,788 learners enrolled on our free adult and community learning courses to gain new skills. And we've supported more than 3,000 people into good, secure and fairly paid jobs with long term prospects. Our Lift programme - a partnership between the boroughs of Islington, Camden, Hackney and Tower Hamlets, working together to create opportunities for local people and support businesses in tech, creative and sciences has seen 108 have people entering paid employment and over 50 entrepreneurs have been supported to start or grow their businesses, with 21 registering new businesses.
• Support for Local Businesses: Through grants and support initiatives, we have backed small and independent businesses, helping them to prosper and contribute to the local economy. Our Affordable Workspace Programme has created over 40,000 square feet of workspace for local entrepreneurs and small businesses, so they can flourish without the burden of sky-high rents.
• Supporting residents: Community Wealth Building directly benefits residents by creating more job opportunities, especially for those from underrepresented backgrounds. Our training programs and employment support services are designed to equip residents with the skills needed to secure good-quality jobs. Last year, more than £84K worth of childcare bursaries were allocated, supporting 50 people to get into work or sustain their job. And our Income Maximisation team put more than £5 million into the pockets of residents who weren't aware of the benefits they were entitled to.
• Anchor Institutions: We have established the Islington Anchor Institutions Network (IAIN) - a partnership of major Islington employers and key organisations that have pledged to boost jobs and employment in the borough, to support local and small businesses through contracting and supply chains in the borough and to work towards achieving net zero carbon emissions.

Looking Ahead

These are just some of our achievements, and the journey towards a fairer local economy is ongoing. Community Wealth Building is not just an economic strategy; it's a commitment to equality, inclusivity, and shared prosperity. I am proud of what we have achieved so far and excited about the potential for even greater positive change. Together, we can build a future where every resident, business, and community in Islington can benefit from Islington's vibrant and dynamic local economy.

Santiago Bell-Bradford, Executive Member for Inclusive Economy, Culture and Jobs