I beg to move, That the Clause be read a Second time.

I have been working on the new clause with the Centre for Local Economic Strategies. The new clause would require strategic authorities to prepare community wealth-building action plans and makes provision for partnerships with anchor organisations such as hospitals, colleges and employers, to support them. That would create the opportunity for organisations to come together to build collective action on things such as procurement, employment and the better use of owned assets in the local area. It would also grant mayors a right to request levies on private equity in local public services to limit extraction. The new clause is tailor-made for Labour Members, whose party outside government has long championed community wealth building.

In brief, community wealth building is the practice of creating an inclusive and democratically owned economy. It puts people before private equity profits, and champions the kind of economic development activity that is overlooked by industrial strategies, focusing instead on the everyday economy, where most people—our carers, our cleaners, our builders—work. Community wealth building is the missing piece of the puzzle to unlock growth for the benefit of everyone, everywhere. Scotland has a Community Wealth Building (Scotland) Bill passing through its Parliament. England must not be left behind.