There is now a widespread recognition of the need to invest in rebuilding the social infrastructure of our most vulnerable communities; to boost local economies, increase their resilience and bolster their capacity to navigate changing, challenging times.

The current Dormant Assets consultation provides a once in a generation chance to make that happen.

Whether or not levelling up survives the current Conservative leadership election as a political catchphrase, the Levelling Up White Paper's assertion that social capital is fundamental to the success of local economies is generally uncontested. There is a consensus around the need to invest in the social infrastructure of ‘left behind' neighbourhoods – communities suffering from both high levels of deprivation and low social capital – as a necessary part of any plan to rebuild local economies. 

Social infrastructure also seems to be emerging as a key driver of social outcomes.  Data analysis carried out on behalf of the APPG on Left Behind Neighbourhoods has shown that communities with low levels of social infrastructure suffer from far worse socio-economic outcomes than other similarly deprived areas - educational attainment is lower, health is poorer, job opportunities are fewer, and the rate of household poverty is higher. 

Further analysis, published last month by the APPG as part of their inquiry into levelling up left behind neighbourhoods, highlights how deprived communities with low levels of social infrastructure are also, typically, far more vulnerable to the impact of the current cost of living crisis than other places.

We know from research into the COVID lockdown that higher levels of social infrastructure are a strong indicator of a community's ability to respond to crisis. This is unsurprising - many community-led responses to COVID came out of pre-existing organisations and relationships, and there are almost three times fewer registered charities and community organisations in ‘left behind' neighbourhoods than across England as a whole, and just over half the number in other equally deprived neighbourhoods.

Community organisations, and the community spaces, youth hubs, libraries, parks, community cafes, locally owned pubs, and recreational facilities they facilitate are the stuff that helps bring life to communities, links people together, helps establish and environment in which local economies can prosper, and increases an area's resilience and sustainability. The evidence is that they are also often the highest priority for local people when it comes to prioritising ways to improve their neighbourhoods, particularly in places where it has been lost.  We need a plan and funding to deliver on their ambition.

The good news is that help may be on the way.  In July, the government launched the public consultation on the distribution of the English portion of dormant assets funding. This will determine how nearly £740m worth of new money for good causes is to be spent, and crucially, following a government amendment to the recent Dormant Assets Act, it specifically invites views on a proposal for a new ‘Community Wealth Fund'.  

The introduction of such an initiative could be a game changer, providing long term investment over a decade or more towards supporting communities to rebuild the social infrastructure of our most left behind places. And in doing so boost economic growth, improve key social outcomes and boost the resilience of our communities.

The launch of the Dormant Assets consultation, which runs through the summer, is an important first step towards rebuilding the ‘social scaffolding' of the most ‘left behind' areas. Over 50 local and combined authorities have already backed the Community Wealth Fund campaign as part of a cross-sectoral alliance which now has nearly 600 members. Local government needs to engage with the process and help further strengthen the case for a Community Wealth Fund.

Matt Leach is the CEO of Local Trust and a founding member of the Community Wealth Fund Alliance. More information on the Dormant Assets consultation can be found on the CWFA website: www.communitywealthfund.org.uk