Tag: wealth creation

New major partnership will boost community wealth in East Lothian

Queen Margaret University (QMU) is joining forces with East Lothian Council and other key organisations across the country to support the authority’s efforts to increase community wealth in the region.

The University has become one of the first signatories of the council’s East Lothian Community Wealth Building Charter. The Charter, a formal partnership between East Lothian Council, QMU and other key stakeholders across the region, is part of the Scottish Government’s Community Wealth Building (CWB) approach to harness the economic and social leverage of influential anchor institutions  across the country.

By working across multiple organisations, East Lothian Council aims to harness the collective power which exists in East Lothian to create more job opportunities, increase business growth, improve wellbeing and deliver substantial economic benefits.

QMU is already embedding the concept of CWB through a significant new partnership with Bright Red Triangle, the enterprise hub at Edinburgh Napier University, in a move which will improve and extend the level of entrepreneurial support available to university, college and wider communities.

The QMU Start Up Studio will accommodate both Bright Red Triangle and East Lothian Council’s Business Gateway services on its campus in Musselburgh, presenting a significant opportunity in raising the profile of East Lothian as a place which supports and accommodates start-ups businesses and spin-out companies.

The Council and Queen Margaret University believe that CWB principles can also positively shape and drive academic engagement with the Edinburgh Innovation Hub – a joint venture between East Lothian Council and QMU and funded by the Edinburgh and South East Scotland City Region Deal.

The new Hub, which is on track for completion in 2025, will be made up of flexible laboratory, office and fully equipped meeting and conference spaces for rent and will be a major asset to the local communities, as well as further afield.

The University has an important presence in the county through a combination of being a largescale employer, generator of entrepreneurial thinking and innovation, purchaser of goods and services, and controller of large areas of land and fixed assets in the locality.

Kim Stuart, Director of Research and Knowledge Exchange Development at QMU, said: “Queen Margaret University is totally committed to partnership working which delivers economic and societal benefits and the CWB approach aligns closely with many of QMU’s existing strategic objectives relating to social justice, wellbeing, sustainability, and more resilient local and regional economies.

“This new partnership presents a perfect opportunity for QMU to assist in enhancing the collective benefits which can be created within East Lothian. We hope that this relationship will help foster responsible entrepreneurship and develop solutions that have an impact on society, as a whole. We look forward to working with the Council and other organisations to create a strong and inclusive local economy.”

Councillor John McMillan, East Lothian Council’s Cabinet Spokesperson for Economic Development said: “We are delighted to be working with Queen Margaret University as a signatory of the East Lothian Community Wealth Building Charter.

“Their plans to embed it strategically within the university recognises the importance of this approach and offers a model for other organisations to follow to deliver maximum impact.

“Community Wealth Building aims to redirect wealth back into the local economy to benefit local people. As an authority we’re embracing the opportunities this offers to deliver a fairer and more prosperous East Lothian in line with our key council priorities.

“Our Charter brings together organisations who are committed to this approach and who will work together to create a strong and resilient local economy which benefits everyone.”

Councillor John McMillan concluded: “Community Wealth Building is a cornerstone of the East Lothian Local Economy Strategy.

“Its adoption by Queen Margaret University builds upon our strong partnership and, in particular, the links that exist with our Economic Development service to support entrepreneurial activity, business start-ups and growth.”

King’s Speech will put growth at the heart of Labour’s legislative agenda

Starmer prepares for The King’s Speech at the State Opening of Parliament on Wednesday 17 July

  • New laws will prioritise growth, the Government’s overarching mission for the year ahead
  • Legislative programme will support delivery of the Government’s first steps and missions to rebuild Britain
  • Focus on improving the prosperity of the country and living standards of working people

The Government will use its mandate for change to put economic growth at the heart of its legislative agenda as it prepares for The King’s Speech at the State Opening of Parliament on Wednesday (17 July). 

Departments are working on more than 35 bills to deliver an ambitious parliamentary session that will be built on a bedrock of economic security, to enable growth that will improve the prosperity of our country and the living standards of working people.

Legislation will include a bill to enforce tough new spending rules, designed to ensure economic growth, while avoiding the chaos which left families with spiralling bills and wreaked misery on people’s lives.    

To ensure nobody can play fast and loose with the public finances ever again, this new bill will strengthen the role of the Office of Budget Responsibility, meaning significant fiscal announcements must be properly scrutinised and that taxpayers’ money is respected.

Prime Minister Keir Starmer said: “Our work is urgent. There is no time to waste. We are hitting the ground running by bringing forward the laws we will need to rebuild our country for the long-term – and our ambitious, fully costed agenda is the downpayment on that change. 

“From energy, to planning, to unbreakable fiscal rules, my government is serious about delivering the stability that is going to turbo charge growth that will create wealth in every corner of the UK.

“The task of national renewal will not be easy, and this is just the down payment on our plans for the next five years, but the legislation set out at the King’s Speech will build on the momentum of our first days in office and make a difference to the lives of working people.”

‘His Majesty’s Most Gracious Speech’ will build on the momentum of the Government’s first week in office which saw the Prime Minister and his ministerial team roll up their sleeves and get to work.

Legislation to enact announcements made this week, including the launch of a National Wealth Fund to drive investment into the UK, to a new Mission Control tasked with turbocharging UK to clean power by 2030, to opening the recruitment of a new border security command, show that the Government is getting on with the job.   

The package of bills will focus on growing the economy through ‘turbocharging’ building of houses and infrastructure, better transport, more jobs and securing clean energy – helping to make every part of the country better off.  

As part of the Government’s plans to empower regions to deliver change for their communities, new legislation will also help to create wealth in every community and hand the power back to local leaders who know what is best for their areas.

Letters: It’s time to share the wealth

Dear Editor

When you consider the vast array of skills developedand used every day by working people in all walks of life; it is truly amazing.

We all rely on the skills of others in so many ways.

Sometimes we forget that it is people like us who are providing all the goods and services that we take for granted. It is the ordinary working people who, with their skill and compassion, make life possible for everyone.

It is the same 99% of the peoplewho create, clean, repair and care for us that also generate the wealth, but have little control over. The ownership of that wealth has now become the property of others.

The workers who created the wealth now find themselves with no say in how it should be invested or distributed, and low pay and unfairness continues.

The workers who created the wealth now find themselves with no say in how it should be invested or distributed and low pay and unfairness continues.

The wealth created by the 99% now belongs to the few. It is time that this historic confidence trick is challenged and all workers are awarded, and involved in, who benefits from our national wealth.

A. Delahoy

Silverknowes Gardens

Letter: A fair share for wealth creators

letter (2)

Dear Editor

Government money for investment is raised through taxes of all kinds on the people. Private investment comes from the rich and very well-off.

The biggest investment of all is the labour power supplied by working people every day of the working year, transforming money investments into products.

Both government and private investors, after costing materials and labour, keep the surplus – called ‘profit’.

Government profit should be ploughed back into society in the form of public services. Those who give their labour power – without which there would be no profit – do not receive any of those profits; they of course get wages of varying amounts for a year’s work … as opposed to the ‘efforts’ of the rich who in making one investment telephone call!

Private investors, as ever, look to maximise profit, keeping costs as low as possible, particularly wages and working conditions (zero hours contracts are the modern way): this is where trouble starts.

If wages are restricted by private industry or the government, the ability of the working people to buy what they have produced is cut. This eventually leads to private investors withdrawing and closing down companies – reducing further the ability of people to buy goods.

The situation is made worse if the government – like the present Tory/Lib Dem one – is dominated by and operates in favour of private investors, and not those who produce the wealth in the first place.

A. Delahoy

Silverknowes Gardens