I thank the hon. Lady for tabling this Amendment. As a proud Co-operative MP and as part of a Government who are driving through changes to the economy that put people at the heart, I support the intent behind this amendment. I know of the good work CLES does to drive this agenda across local and regional government. As I have said before, for us, the purpose of devolution is to equip and enable our mayors, local authorities and communities to rewire the economy so that it works for local people and fundamentally builds the wealth of communities. That is clear.

However, a duty to create a separate community wealth building plan will not achieve the intent of the new Clause. These approaches should be embedded in the local growth plans that mayors are developing. We see that in practice if we look across the country at what our Labour mayors are doing, whether that is in Greater Manchester, the Liverpool city region or the West of England combined authority. Their approach builds in the principles of building community wealth, of co-operatives and mutuals and of community power, with a strong emphasis on the everyday economy.

We can legislate as much as we like, but what is important is the doing and the practice. We are clear that our job is to empower and equip our local leaders to do this. Many of them are already at the vanguard and well ahead of national Government because of the legacy of the previous Government. We will work with our mayors and strategic authorities to embed this in their local plans.

Critically, we are making sure that there are clear levers at the community level to drive this approach, for example, through the community right to buy. We agree with the intent, but a separate plan is not the way to deliver it. It needs to be fundamentally baked into the way that mayors drive local economic growth—a way that will put their communities at the heart and not just improve living standards, but build the wealth of those communities.