“(1) A strategic authority has a duty to prepare and publish a Community Wealth Building Action Plan (‘a plan’).

(2) The purposes of a plan are to facilitate and support the—

(a) generation,

(b) circulation, and

(c) retention

of wealth in local and regional economies.

(3) A plan under this section must include provision about—

(a) the development of plural ownership models for the local economy, including co-operatives,

(b) the development of fair employment and labour markets,

(c) procurement practices that support local economic development, and

(d) promoting the socially productive use of land and property.

(4) Strategic authorities may convene groups of anchor institutions (‘anchor institution networks’) within the strategic authority area to support the development and implementation of a plan.

(5) Strategic authorities may make arrangements to support anchor institution networks for the purpose of delivering a plan.

(6) For the purposes of this section an ‘anchor institution’ means any organisation within the strategic authority area that the strategic authority considers relevant for the delivery of a plan, including, but not limited to—

(a) employers;

(b) landowners or purchasers;

(c) community groups;

(d) groups with another relevant connection to the area.

(7) Strategic authorities have a right to request powers to apply local levies to private equity in local public services.” —

This new clause requires strategic authorities to develop a community wealth building plan and to take steps to support and convene local anchor networks to deliver the plan, including through public procurement, use of land and assets, finance, and social value.