Aspire Housing has joined a national lobby, calling on the government to use £2bn in unclaimed financial assets to create a Community Wealth Fund.
The Newcastle-based housing association is among the first 100 organisations to join the Community Wealth Fund Alliance, campaigning for strategic, long-term funding to support the communities who need it the most.
The alliance is made up of public, private and voluntary sector organisations and initiatives that are campaigning for the creation of a new multi-billion pound Community Wealth Fund to support deprived communities. Sinéad Butters, Group Chief Executive of Aspire Housing, said: “We’re delighted to sign up and support the lobby to create a Community Wealth Fund, targeting millions back into our communities from dormant assets.
“Supporting deprived communities is a fantastic idea, and for us a critical step in helping to ensure our country shares equally in wealth created. After all, we all helped create it, so let’s all benefit from it.”
The alliance proposes that the fund should provide long-term investment for communities, with local people in control of the spend to ensure it reflects their aspirations and creates a legacy of positive change in their areas.
The fund would be financed by £2bn of unclaimed and dormant assets – from bonds, shares, insurance and pension funds and charitable trusts – which could grow to £5bn with corporate investment.