Torbay partners sign Community Wealth Building MoU and commit to a new approach to economic development – Torbay Weekly
Public sector partners from across Torbay have committed to a new approach of working together to support local economic growth.
The Community Wealth Building approach focuses on growing spend and supporting local businesses to bid for local public sector contracts.
Torbay Council has committed to using its financial powers more effectively to help benefit the local economy and create new employment and training opportunities for people through its regeneration projects.
The new approach looks to maximise the local public sectors economic powers to work with businesses to build a stronger, more inclusive, and sustainable economy which works for everyone by supporting good quality jobs with good pay for local people, encourages local spending with Torbay businesses, supports small businesses and social enterprises to grow, and increases investment within the local economy by harnessing and recirculating local wealth.
The CWB Memorandum of Understanding brings together public sector partners from across Torbay and secures their commitment to collaborate and adopt the principles of CWB.
Torbay Council, Torbay and South Devon Foundation Trust, South Devon College and TDA have pledged to spend more with local companies where possible.
Councillor Swithin Long, chair of Torbay’s CWB Board and Cabinet member for economic regeneration, tourism and housing, said: “Community Wealth Building forms a cornerstone of our Economic Repositioning Plan to support our economic recovery.
“This model uses a common sense approach to economics and will support long-term sustainable growth in Torbay. We need an economy that works for the community, local people, local businesses, and our planet.
“The CWB MoU sends a clear commitment that public sector partners across Torbay will use their powers more effectively and work to support the local economy.”
Councillor Darren Cowell, deputy leader of Torbay Council and Cabinet member for finance, said: “This is a significant milestone in Torbay’s adoption of CWB.
“This MoU sets out how the local public sector will work collaboratively and use their powers to bring about positive change and maximise economic opportunities by spending and sourcing more locally.
“Not only will a CWB approach help boost the local economy but it will also help reduce carbon emissions and support our commitment to tackling climate change, and help Torbay’s residents and businesses to thrive.”
Adel Jones, director of transformation and partnerships at Torbay and South Devon NHS Foundation Trust, said: ”Torbay and South Devon Foundation Trust board welcomes this partnership to improve opportunities for local people.
“As well as employing over 6,500 people locally, the trust is embarking on the exciting redevelopment of the hospital, which will generate significant investment for Torbay and South Devon.
“As well as delivering improved care and …….