Debating the future of community wealth at the Eisteddfod

Bevan Foundation discussion on community wealth proves popular

With the Eisteddfod in full swing, the Bevan Foundation was pleased to be able to host a discussion on the future of community wealth in the Societies Tent on Tuesday afternoon, 6th August. Joining the Bevan Foundation were Selwyn Williams of Cwmni Bro Ffestiniog and Cymunedoli Cyf, and Lis McLean of Canolfan Soar.  

The session was intended to build on the success of two educational visits between Bro Ffestiniog and Cynon Valley, which the Bevan Foundation organised last year, that were funded by the Barry Amiel and Norman Melburn Trust, and the Lipman Milliband Trust. The visits were intended provide a space to learn more about how capitalism has historically extracted wealth from our communities, how it continues to do so and how we can support the growth of social enterprises to build a fairer economy that preserves wealth locally.  

After giving an overview of the work of their organisations and inspiring the audience by discussing some of their successes, the conversation was broadened to look at why community wealth is so important and what steps need to be taken to ensure this is achieved. Among the most popular points with the audience were: 

1. Tremendous wealth has historically been extracted from Welsh communities and this continues to happen. The city of London profits the most from the growth of tourism and renewable energy in our communities, not the communities themselves.  
2. We have to revisit how the energy market works. Community organisations across Wales are losing large amounts of money as a result of huge energy bills, but under the current market it is very difficult for communities to benefit from the growth of wind and solar farms within their communities. 
3. The Welsh Government needs to change the way they support economic growth. The Welsh Government spends the vast majority of its investment on large international businesses, with the city of London benefiting more than local communities. The Welsh Government must support organisations to develop their economies locally if we are serious about keeping wealth local and creating a richer Wales.  

A recording of the event will be available in due course and we will share a link here.