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Community Wealth Building

Community Wealth Building is a way of tackling economic inequality and creating an economy that works for everyone.

Islington has a strong and dynamic economy, many parts of which continue to thrive. However, our economy does not work for everyone: too many local people experience poverty and disadvantage and too many local businesses struggle to overcome barriers to growth. Without action, Islington’s gap between the haves and have-nots will increase.

Community Wealth Building is a way of tackling economic inequality and creating an economy that works for everyone. It is about maximising the role of the council as an economic agent (as well as other key local organisations), taking advantage of our collective employment and purchasing power, as well as all of the local physical assets. Building economic resilience and shared prosperity through Community Wealth Building is key to the council’s objectives to tackle inequality and improve life chances.

Our 2030 commitment

We are determined to ensure that by 2030, there is a sustainable, inclusive, and local economy in Islington, where wealth is fairly shared and residents and businesses feel they have a stake in their community.

For us, this means a place where people are supported into, and progress in well-paid, secure jobs. A place where local businesses prosper, and where our purchasing spend and social and economic infrastructure across the borough support and enable us to deliver these ambitions.

In each instance, we are aware of positive examples of where these principles are being demonstrated in action. However, by 2030, we need to see greater consistency to make the Fairer Together way of working the rule not the exception. This is how we will achieve a step change in the way we work with communities to deliver help and support to Islington residents.

What Islington will look and feel like for residents

  • More residents will be financially resilient and able to meet the cost of living
  • More residents, especially those who face the most disadvantage, will be in good jobs that pay a decent wage and have prospects to improve their economic wellbeing.
  • Islington will have a thriving, diverse and inclusive local economy, where people from all backgrounds are able to succeed in business, and where we support businesses to grow sustainably and operate safely.
  • Our residents and local businesses will have experienced a just transition to the green economy.
  • More council spend will be through local businesses, locking wealth into our local economy and delivering benefits for residents and communities through social value commitments.
  • Our buildings, schools and community assets will be modern, sustainable, safe and inclusive.
  • The Islington Local Plan will have delivered key benefits around affordable housing, affordable workspaces, promoting an inclusive economy, and supporting delivery of net zero carbon.

What we are doing to get there

Read the full strategy for more on what we are doing, but this includes:

  • promoting economic wellbeing
  • creating an inclusive economy
  • progressive procurement
  • social and economic infrastructure.

Here are some of the programmes we've launched to help us get there.  

Green Economy Action Plan

Through our action plan, we will ensure our residents and local businesses benefit from a just transition to a green economy. Being just is about delivering necessary skills, opportunities, funding and support so local people can navigate changing industries and take part in a transformed economy that works for them.

Apprenticeship Academy

Subject to business case, this project aims to build an engine room to deliver the council’s apprentice manifesto target. We will ensure that residents young and old are able to take advantage of new pathways into secure jobs (with a likely focus on the green economy), as well as potentially opening-up a new income stream.

Moorfields Life Sciences Hub

We will work with Derwent and other partners to establish a new economic sector in our borough, creating opportunities for the residents and businesses of Bunhill and beyond.

Islington Anchor Institution Network

We have launched the Islington Anchor Institution Network to maximise opportunities and benefits for local residents and businesses by leveraging our collective employment and purchasing power and asset base.

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