Dormant Assets Bill [Lords]

Debate between Paul Howell and Baroness Laing of Elderslie

2nd reading
Monday 6th December 2021 Commons Chamber

[Paul Howell (Sedgefield) (Con)]

I will try to be as quick as I can. First, I compliment my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake); I agree with everything he said. Primarily, I want to speak to the proposal for the creation of the community wealth fund through the Bill. The Government have made it clear that levelling up is one of their top priorities. That has been demonstrated through the establishment of a Department, new funds for levelling up, the £200 million community renewal fund and so on. That is all very welcome, but it is only part of the story. Those things will not by themselves be sufficient to level up the most deprived or left-behind neighbourhoods. They are focused on shovel-ready physical infrastructure—an excellent starting point—but we should not forget that we also need to build the social capital needed to develop and sustain prosperity in left-behind neighbourhoods.

I agree with the Government that we need to invest in community-led infrastructure at the neighbourhood level to ensure that the levelling-up agenda is successful. A community wealth fund would complement existing initiatives by addressing the need to help communities develop and sustain the social infrastructure that is the lifeblood of strong communities, building social cohesion and laying the foundations for a strong local economy.

The community wealth fund, which would invest in the 225 most deprived or left-behind neighbourhoods in this country, would repair the social fabric in those communities where it is most frayed. That is the particular focus of the all-party parliamentary group that I jointly chair, and I thank everyone who contributes to it for increasing my motivation. We also need to consider how we deliver this fund and what we do, and I would like us to consider the idea of the late Jonathan Sacks that a social covenant, which is relational and human, is preferable to a social contract, which is transactional and bureaucratic. This Bill has the potential to further strengthen families, communities and the nation, and I would like the Minister to consider that as a methodology for getting it there and letting us trust the people. I will explore that further in my ten-minute rule Bill on Wednesday.

[Madam Deputy Speaker (Dame Eleanor Laing)]

I thank the hon. Gentlemen for being really brief; that was totally brilliant.