The Department for Culture, Media and Sport (DCMS) and the Ministry for Housing, Communities and Local Government (MHCLG) recently confirmed that the Community Wealth Fund will be targeted at the doubly disadvantaged neighbourhoods most in need of investment in civic capacity building.
The announcement reflects the ongoing, cross-sectoral support for the campaign’s core principles following the launch of a technical consultation on the Community Wealth Fund’s design principles in September 2023. These include long-term, patient funding (10-15 years); investment directly into doubly disadvantaged neighbourhoods; community-led decision making; and appropriate support provided to build community confidence and capacity.
Over the course of its seven-year campaign, the CWFA has advocated for a targeted approach that addresses the needs of doubly disadvantaged neighbourhoods – areas that have historically missed out on their fair share of investment alongside facing the highest levels of deprivation and the weakest social infrastructure.
Predominantly located in housing estates on the outskirts of former industrial towns and cities, as well as in coastal areas, many of these neighbourhoods are found outside small towns and were at risk of missing out on vital investment under previous proposals for the funding.
Evidence from the Big Local programme, the fifteen-year long Lottery funded investment in rebuilding community social infrastructure, which is being delivered by Local Trust, shows that when trusted with time, resources and appropriate support, local residents are able to identify local needs and develop solutions that are sustainable over the long term.
Using initial funding of £87.5 million between 2024 and 2028 from the expanded Dormant Assets Scheme, the Community Wealth Fund (CWF) will support the rebuilding of social infrastructure in some of England’s most deprived areas. The National Lottery Community Fund as the Scheme’s named distributor will deliver the CWF and has committed an additional £87.5 million towards the initiative, taking the total funding to £175 million.
Rachel Rowney, Chief Executive at Local Trust, founding member and secretariat to the Community Wealth Fund Alliance, said:
“Today’s announcement is a welcome culmination of the Alliance’s seven-year campaign for the Community Wealth Fund.
“We are pleased that the principles we advocated for, including the importance of working at a hyper-local level, where residents lead decisions over the long-term on how resources are used are central components of the response.
“We know this has the potential to shift the dial in the most disadvantaged neighbourhoods and we are hopeful that the Community Wealth Fund will help build vital social and economic capital, laying the foundations for lasting positive change in these areas.
“We look forward to working with the National Lottery Community Fund as they take forward next steps on delivery of the Community Wealth Fund on behalf of government.”