11. Short Debate: Together stronger: Social enterprise and community-owned businesses in Wales

Part of the debate – in the Senedd at 6:44 pm on 23 November 2022.

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Photo of Luke Fletcher Luke Fletcher Plaid Cymru 6:44, 23 November 2022

(Translated)

Thank you to Cefin for bringing this short debate forward. Cefin has made an important point already: businesses that aren't located in our communities mean that the wealth created bleeds out of those communities. Building community wealth tries to restructure the economy so that wealth is captured within the community, is shared and democratised. Social enterprises can also help to transform and restructure the Welsh economy significantly. Evidence suggests that social enterprises are more likely to be fair employers and that 76 per cent of social enterprises in Wales pay the living wage. Social enterprises can come in many forms, as we've heard, including co-operative organisations, co-owned, community benefit companies, businesses that belong to the communities, trading charities and more. The key difference with conventional businesses is the degree to which the profit motive is dominant. It's true that social enterprises do aim to make a profit, but they are organisations that are led by values, which mean that they are best placed to tackle the economic challenges facing Wales today.