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Last edited 23 Jan 2021
The coalition agreement published on 20 May 2010 outlined plans to promote devolution and give communities greater powers to shape local developments and local services. A range of ‘community rights’ were subsequently enshrined in law by the Localism Act which was given Royal Assent on 15 November 2011.
Residents become part-owners, supporters, volunteers and advocates for businesses that provide goods and services to meet local needs and get a return on their investment. The projects get funding to help them become financially sustainable.
The Community Shares Unit (CSU) was established in 2012, delivered by Co-operatives UK and Locality, providing information and support to businesses looking to raise money through a community share offer and residents considering purchasing shares. The unit is supported by the Department of Communities and Local Government (DCLG) and Department for Energy and Climate Change (DECC).
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