A Holyrood committee has backed the principles of community wealth building legislation.

The Community Wealth Building (Scotland) Bill would impose a duty on councils and other public bodies to create plans that would “facilitate and support the generation, circulation and retention of wealth in the local economy” which could include procuring more goods locally.

The Scottish Government would also be required to produce a statement in Parliament on actions it would be taking to reduce wealth inequalities and increase wealth in local areas.

A report from the Economy and Fair Work Committee backed the general principles of the Bill, with convener Daniel Johnson saying: “Our committee recognises the transformative potential of community wealth building, when supported by local authorities

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