plural ownership of the economy

Summit 2020: A more economically democratic recovery

New year, new economy! As we adjust to the bright lights of 2021 the CLES team are looking forward and exploring the prospect of local economic reform as we commence the long journey to Covid-19 recovery. In this spirit we’re sharing write ups of our policy breakout sessions from November’s Community Wealth Building Summit. In the last of this blog series Rachel Bentley considers how the economy can be more broadly held through plural ownership models.

Even before Covid-19, the UK was already one of the most unequal countries in the world in terms of both income and wealth. This trajectory of inequality has been worsening for decades and the pandemic has now both revealed and exacerbated these inequalities. As we face an era of business failure and unemployment that will be compounded by Brexit, what role can plural ownership play in fostering a more economically democratic recovery?
“enable wealth created by communities to be held by them, rather than flowing outwards”
Plural ownership of the economy is one of the five pillars of community wealth building. This pillar seeks to promote locally owned and socially minded enterprises. It encourages more diverse models of enterprise ownership that enable wealth created by communities to be held by them, rather than flowing outwards into the pockets of distant shareholders.